(GIST OF KURUKSHETRA) Cooperative Entrepreneurship

(January-2023)

Entrepreneurship is defined as the creation of an innovative economic organisation for the purpose of gain or growth under conditions of risk and uncertainty. Accordingly, cooperatives can be called community enterprises being managed by diverse member entrepreneurs. Research indicates that local participation in different developmental activities has a positive impact on shaping communities, and ensuring the progression of low-income community into the socio-economic mainstream.

The legal framework of a cooperative society is governed by Cooperative Societies Act 1912, the Mutually Aided Cooperative Thrift Society Act, and Multi-State Cooperative Societies Act, 2002.
Cooperatives with members from one State are registered under the corresponding State Cooperative Societies Act and are regulated by the State Registrars of the Cooperative Societies.
Cooperative societies with members from more than one State are registered
by the Central Registrar of Cooperative Societies under the Multi-State Cooperative Societies (MSCS).

India project to computerize 63000 PACs at an estimated cost of Rs 2516 crores.
Preparation of draft model bye-laws to transform them into multi-purpose and multi-dimensional economic entities.
Modernization of cooperative education and training.
A New National Cooperation policy was formulated.
Establishment of a National Cooperative database.
The National Cooperative Development Corporation (NCDC) is implementing Yuva Sahakar- Cooperative Enterprise Support and Innovation Scheme.

The convergence of the schemes of Micro, Small, and Medium enterprises (MSMEs) and the cooperative sectors.
A common interactive portal with all information on cooperatives, potential employer-employee mapping, credit accessibility should be formulated.
A national level University dedicated to cooperatives is under consideration, which is a good step in spreading awareness and backing cooperative entrepreneurship as a career option.
Training and skills development is also required for capacity building.
Technology upgradation has become an absolute necessity in today’s fast-changing world.
Marketing of products and services has remained a challenge for cooperatives. In this direction, a holistic approach helping them through tariff, non-tariff, and digital solutions would go a long way in both domestic and international markets.
Bigger cooperatives should mentor small and
Timely, adequate, affordable, and collateral-free finance facilities will also help in achieving the desired targets.
weak cooperatives to make them competitive and maximize community development.
Subsidized participation of cooperatives in regional, state, and national fairs should be considered.
There is a need to deepen cooperative movement in the northern, northeastern, and eastern parts of the country, as their spread is considerably low.