What are Industrial Co-operatives?

Industrial Co-operatives

They are co-operatives formed by workers, controlled by workers and managed by workers.

Importance of industrial co-operatives:

1. Provides self reliance and prevents exploitation of the members.
2. Provides employment to the members.

3. Grant advance to members against their raw materials.

4. Uplifts the weaker section of society.

5. Trains workers and improves their skills.

6. Purchase or lease machinery required by members.

Example:

Co-Optex in Tamil Nadu has a network of 2.8 lakh handlooms, 268 showrooms and a turnover of Rs. 260 crore.