Humanization: Explaining the Law of Cooperatives in India

International Cooperative Alliance defines a cooperative as an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Cooperatives are based on the values of self-help, self-responsibility, democracy, equality, equity, mutual cooperation, and solidarity. Members of the cooperative society believe in the ethical values of honesty, openness, social responsibility and caring for others. Cooperatives enterprises across the globe provide economic values coupled with social flavor. Cooperatives provide an important channel for bridging market values and human values. If set within an agreed framework for inclusive growth, cooperative ideals and cooperative organization will be more effective in meeting their people-centered objectives. Cooperatives run for economic reasons but also enhance humanization. Several models of cooperatives across the globe are engaged in various activities. Cooperatives in one continent may be different in terms of size, business volume, model, economic emphasise and activities than other continents, but one thing is unique; cooperatives main axle is humanization. We discuss the provision of Cooperative Societies Act.