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A)
1 only
B)
2 only
C)
Both 1 and 2
D)
Neither 1 nor 2

Correct Answer :   2 only


Union Cooperation Minister Amit Shah called the cooperative model a middle path of economic development.
 
Regulation of Cooperatives
 
* The item “Cooperative Societies” is in the State List (via entry 32).

* Hence, states have been empowered to enact legislations to regulate cooperative societies.

* However, multistate cooperative societies are regulated by the Multi State Cooperative Societies (MSCS) Act, 2002.

* No state government official can exercise any control on multistate cooperative societies.

* In 2002, the then govt announced a National Policy on Cooperatives to support the promotion and development of cooperatives.

* The central govt is planning to bring a new cooperative policy soon.

* In July 2021, a new ministry of cooperation was created for cooperative societies in the country.

* It has been created with the vision of ‘Sahakar se Samriddhi’ (prosperity through cooperatives). Hence only statement 2 is correct.

Published On : July 5, 2022
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