Cooperatives are people-centric enterprises owned, controlled and run by and for their members to realise their common economic, social, and cultural needs and aspirations.
Cooperatives allow people to take control of their economic and future because they are not owned by shareholders, the economic and social benefits of their activity stay in the communities where they are established. Profits generated are either reinvested in the enterprise or returned to the members. These organizations are formed at the grassroots level by people to harness the power of collective bargaining in the marketplace.
Cooperatives are a state subject under the Constitution, meaning they come under the State Governments’ jurisdiction, but there are many societies whose members and areas of operation are spread across more than one state.
The Multi State Cooperative Societies (Amendment) Act, 2023 received the assent of the President on the 3rd August, 2023; and is an update to the legislation governing cooperative societies that operate across multiple states in India. This act replaces the previous Multi-State Cooperative Societies Act, 2002, and introduces several reforms aimed at enhancing the efficiency, transparency and governance of multi-state cooperatives.
The impetus of the government of India on the development of the Cooperative Sector of the Country has also been evident from the incorporation of a dedicated and highly galvanized Ministry of Cooperation in the year 2021.
Since its incorporation, the Ministry has launched several initiatives to strengthen the cooperative movement of the country.
The Institute could read the impetus of the Government with its several initiatives in the Cooperative Sector and soon after the formation of Ministry constituted a dedicated Board for the Cooperative Sector called as the Cooperative Development Board of the ICMAI.
Being an active partner in the nation building exercise since its inception in the year 1959, the Institute has been a torch bearer in the field of disseminating and reinforcing the professional knowledge in the field of costing, finance, audit, accounts and taxation. It regulates the profession and its members through the audit, certification, advisory and consultancy roles support the backbone of the economic development of the country.
The vision of the Cooperative Development Board of the Institute is aligned with that of the Ministry of Cooperation and it vows to uphold all its objectives and initiatives with complete vigour.
