Multiple choice question:

Which industry is owned and operated by the producers or suppliers of raw materials, workers or both?

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Co-operative industry

Joint Sector industry

Private industry

None of the above

answer is A.

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Detailed Solution

Cooperative sector industries are run and owned by raw material suppliers, producers, workers, or both.
After independence, the cooperative movement in India gained a lot of momentum. In every Indian community, the cooperative movement is promoted. Amul, Kerala Co-operative Milk Marketing Federation, Karnataka Milk Federation (KMF), and Indian Farmers Fertiliser Cooperative Limited are some of the most popular and significant cooperatives. The Government of India recognized cooperative sector industries as independent entities. Cooperative societies have the following characteristics: Profits are divided; reduced financial risk; mutually helpful to members of low and middle-income groups; voluntary nature of its establishment and membership; and mutual benefits to members of these groups.

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