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| Twin Pines, the international symbol for cooperatives (Photo credit: Wikipedia) |
In 1904 the
then British Government passed the Co-operative Credit Societies Act.
The object
of the Act was to encourage thrift, self-help and co-operation amongst persons
of limited means and increase their productive capacity and financial
resources.
Funds for
industrial co-operative societies are available from co-operative banks and
private entrepreneurs.
Government
provides subsidies, grants-in-aid and loans for the purchase of machinery,
equipment, raw materials, etc.
DEFINITION
An
industrial co-operative is an association of workers & craftsmen involved
in cottage or village industries, who come together to undertake collective
production, processing & marketing of goods manufactured by the members
& provide them with the necessary services & assistance.
