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The cooperative sector plays a crucial role in developing underdeveloped countries and can significantly boost the national economy. There are many benefits of cooperatives, some of which are listed below:
1.Cooperatives help eliminate the exploitation of farmers by moneylenders, make farming more cost-effective, and provide agricultural loans, market access, and other services to improve the standard of living of people.
2.They assist in raising funds necessary for the growth of small industries and home-based businesses in rural areas.
3.Cooperatives create employment opportunities, helping to reduce poverty.
4.They contribute to capital investment and infrastructure development.
5.They encourage savings and investment.
6.Cooperatives promote mutual cooperation and unity among people.
7.They make farmers and entrepreneurs more responsible toward their work.
8.Cooperatives foster a production-oriented mindset.
9.They provide loans to entrepreneurs.
10.Cooperatives help in marketing the products that are produced.
11.They support the development of small and domestic industries.
12.Cooperatives encourage the habit of saving.
13.They help reduce dependency on others.
14.Cooperatives help in reducing economic inequality.
15.They play an important role in developing a sense of community and unity in society.