When was the Co-operative Society Act first passed in India?

The Co-operative Societies Act was first passed in India on March 25, 1904.

Origins of the Co-operative Movement in India

The enactment of the Co-operative Societies Act in 1904 marked a significant milestone in the history of the cooperative movement in India. This legislative step was crucial for formalizing and regulating cooperative activities across the country, aiming to address the economic challenges faced by various communities, particularly in rural areas.

Before this formal legislation, the need for a structured approach to cooperative principles was recognized, leading to the formulation of recommendations that eventually shaped the Cooperative Societies Bill. This bill was ultimately enacted on 25th March, 1904, providing a legal framework for cooperative societies to operate.

Key Aspects of the 1904 Act

The Cooperative Societies Act of 1904 was primarily designed to:

• Facilitate the formation of cooperative credit societies: These societies aimed to provide affordable credit to farmers and small artisans, protecting them from exploitative moneylenders.
• Promote thrift and self-help: Encouraging members to save and manage their finances better.
• Provide a legal identity: Granting cooperative societies legal recognition, allowing them to enter into contracts and manage assets.

This initial Act laid the foundation for subsequent cooperative legislation and the growth of the cooperative sector in India, which has since expanded to include various types of cooperatives beyond just credit.

Historical Timeline of Cooperative Legislation:

The passing of the 1904 Act was a pivotal moment, setting the stage for the systematic development of the cooperative movement as a vital component of India's socio-economic structure.