Cooperative societies are formed mainly to promote and maintain the welfare of their members.
Cooperative societies are voluntary organizations owned and controlled by their members, who share a common goal or interest. The primary purpose of cooperatives is to provide members with goods, services, or benefits that they might not be able to obtain individually.
Cooperatives achieve this goal by pooling resources, sharing risks and benefits, and working together towards common objectives. This includes encouraging thrift and credit among members, providing access to affordable goods and services, and promoting economic and social development.
While cooperative societies may compete with private companies in some industries, their primary focus is not to break the monopolies of private companies. Instead, cooperatives seek to provide a viable alternative to traditional business models that prioritize profit over social and environmental responsibility.