Explain the important parameters where innovations are essential to make cooperatives successful

Important parameters where innovations are essential to make cooperatives successful are as follows -

Paradigm Shift in Governance of Cooperatives: The cooperatives need to be governed in a participative manner by its members having common business interest. The Cooperative Laws need to be reformed to provide environment for growth, adequate autonomy for its management and encourage members' participation. The cooperative societies of various sectors should be allowed to integrate at primary levels to provide a number of services/products under one roofin the true spirit of cooperation.
• Professionalism in Management: Cooperative societies basically consist of the members and they elect their committee which manages the administration of the society as well as the business of the society. When there is a competition in the market, the cooperative societies need professional managers in the areas of its core business and financial management etc., so as to make the society a profitable entity.Prefit by the Societywill not only benefit its members but also necessary for its sustenance.
• Technologies in Manufacturing and Quality Control: The manufacturing areas of the cooperative societies need to adopt the latest technologies for competitive quality and economy" of scale so as to provide a product with added value at competitive prices. Many ofthe cooperative ventures in the areas of sugar manufacturing or textile manufacturing have become sick in
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