Udupi: Profit is necessary for the survival and growth of the co-operative societies, said Vittal Sherigar, Deputy Director, Cooperative Societies Auditing Department, Udupi.
He was speaking after the inauguration of workshop on “Losses in Sauhardha Cooperatives” at Veerabhadra Kala Bhavan, Kinnimulky near here on Saturday, February 4. He said the co-operatives are strong enough to serve the rural clientele and profit is the major indicator of efficiency and competitiveness of the operations of an organisation. Therefore, profit is not a dirty word and every business organisation including cooperatives must ensure decent profit to serve the members and public better, he added.

He said that with the liberalisation of Indian economy and financial sector reforms, there is lot of competition in the cooperative industry. “The business of cooperative has become more and more complex and profits are hard to come. Profits in Co-operative are not accidental but the results of careful planning and strategy. The viability of co-operatives cannot be ensured without profit and so it is gaining importance. In a liberalised environment, it is realised that unless an institution is viable and stands on its own feet, it won’t serve the market for long. Adopting appropriate development plans and strategies, the co-operatives could become sustainable.

Earlier Shivkumar Biradhara, Divisional Officer, Karnataka State Sauhardha Federal Co-operatives Ltd., Bengaluru delivered the keynote address on the need to train cooperative societies on losses and welcomed the gatherings.

The programme began with an invocation. Vittal Sherigar and guests on the dais inaugurated the programme by lighting the lamp.

M J Chandra Prathima, Joint Official of Co-operatives, Kundapura; B V Ravindranath ,Auditor, Sagar, Shivamogga; Bhaskar Kamath, Director and Karnataka State Sauhardha Federal Cooperative Society Ltd., Bengaluru were present on the dais.

Rajesh K M, Sauhardha Development Officer, KSSFCSL proposed a vote of thanks.