Strengthening the spirit of enterprise: the cooperative way

Abstract

Deepening global economic meltdown has severely hit the workforce in India and it has lost over one million jobs in sectors like gems and jewelry, garments, engineering, leather and handicrafts. To restore the financial stability, stimulus measures and rescue packages are crucial to reduce the magnitude of working poor and vulnerable unorganized labour that constitutes 92% of the workforce (The Hindu, 2009). Majority of them being women, are in hardcore poverty with multiple deprivations and without having any safety nets. At this crucial context, the cooperatives need to play a predominant and challenging role as a provider of a safety net for all those who are socially excluded, economically exploited and displaced due to the vicissitudes of the market. They must give priority to a well-conceived workable and inclusive social security strategy that can act as a buffer in times of crisis.