Read the following statements about the cooperative sector and find the incorrect from the given options.

1) Cooperative Sector is owned and operated by the producers or suppliers of raw materials, workers or both.

2) This sector pools in the resources and shares the profits or losses proportionately.

3) This sector is jointly run by the state and individuals or a group of individuals.

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Only 1

Both 1 and 2

Only 3

Both 1 and 3

answer is C.

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Detailed Solution

Statement three is incorrect. The state and individuals jointly run this sector, or a group of individuals is incorrect. The cooperative sector is a classification of industries based on ownership. In this sector, the producers, suppliers, and workers are co-owners and operators. The sugar industry is the best example of this sector. Cooperative societies are common withinside the rural regions of India. It pools the resources, and the net profit or loss is shared. The cooperative sector gained importance after independence.
The joint venture sector is mutually run by the state and individuals or a group of individuals. Oil India Limited (OIL) is an example of a joint sector venture.

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