cooperative movement

cooperative movement



  • A history of Co-operative Movement in Pre-Independence Era:

    • The Cooperatives were first started in Europe, then the British Government replicated it in India to mitigate the hardship of the poor farmers, particularly harassment by moneylenders who lent money to the poor farmers at exorbitant interest rates.
    • British government came forward and passed three acts which came into existence on the pretest the Pune and Ahmednagar peasant were been harassed by the money lenders:
      • The Deccan Agricultural Relief Act (1879)
      • The Land Improvement Loan Act (1883)
      • The Agriculturists Loan Act (1884)
    • The first credit cooperative society was formed in Banking in 1903 which was supported by the Government of Bengal. It was registered under the Friendly Societies Act .
    • Cooperative Credit Societies Act enacted in 1904 which gave Cooperative a definite structure and shape.
    • In 1919 in mont-ford reforms cooperation became a provincial subject and the provinces were authorised to make their own cooperative laws.
      • The categorization of cooperation was carried on to the Government of India Act, 1935.
    • The Multi-Unit Cooperative Societies Act was enacted in 1942 which covers Cooperative Societies with membership from more than one province.

Download Plutus IAS Daily Current Affairs of 4th August 2021

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