The cooperative movement is both a theory of life and a system of business. It is form of voluntary association where individuals unite for mutual aid in the production and distribution of wealth upon principles of equity, reason and common good. It stands for distributive justice and asserts the principle of equity and equality ensuring to all those engaged in the production of wealth a share proportionately commensurate with the degree of their contribution. It provides as a substitute for material assets, honesty and sense of moral obligation and keeps in view the moral rather than the material sanction.
The cooperatives are the preferred instruments of socio-economic development. Their contribution to the national economy of the country is very significant. In the wake of declining role of public sector and various limitations of private sector, relevance of cooperatives is achieving greater heights. In the emerging environment of capitalistic form of society, cooperatives must succeed to provide opportunities to marginal and deprived section of society for their socio-economic development. Government is also committed to provide policy support for the development of cooperative sector in the country.
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