Definition of Primary Industrial Cooperative Society
The collection of people who are engaged with small and cottage industry a cooperative society is established for them is called primary industry cooperative society. To get prosper mutual improvement in the industrial sectors is formed a primary industrial cooperative society. Ensure the financial prosperity of the members through the production, purchase of industrial tools and distribution of products are the vital objectives of the primary industrial cooperative society. Fibre cooperative societies, salt production cooperative society, glass preparatory cooperative society, and so on are the example of this cooperative society. By using the modem tools, instruments, technology to enjoy huge scale production facility. To free from the clutches of large-scale business and middlemen as well as service, the competition is the main objective of the organization.
After analyzing above discussion we can ‘say that it is a rural-based cooperative business which operates and capital supplied by members earning profit distributed among shareholder under the ratio of share amount.