The correct answer is Run by members who share profits and losses. Explanation & Key Takeaways: • Cooperative sector industries are enterprises that are owned and managed by a group of individuals who voluntarily come together to fulfill their common economic, social, and cultural needs. • The primary goal of cooperative sector industries is not to earn profits but to benefit the members collectively. • These industries operate on the principle of voluntary association, mutual aid, and self-help. • The members of these industries share the profits and losses equitably, fostering a sense of responsibility and ownership within the group. • Examples of cooperative sector industries include Amul (India's leading dairy cooperative), Indian Farmers Fertiliser Cooperative (IFFCO), and sugar cooperatives in states like Maharashtra and Gujarat. • Hence, the correct answer is "Run by members who share profits and losses." Related Concepts: • Key Features of Cooperative Sector Industries: • Voluntary Membership: Membership is voluntary for individuals who share common interests. There is no compulsion to join or leave. • Democratic Management: These industries follow the principle of "one member, one vote," ensuring equal participation in decision-making. • Service Motive: The primary objective is to provide services to members rather than maximize profits. • Equitable Distribution: Profits, if any, are distributed among members in proportion to their participation in the cooperative's activities. • Legal Status: Cooperatives are registered under the respective state cooperative laws, which grant them legal status and protection. • Examples of Cooperative Sector Industries: • Amul: A dairy cooperative based in Gujarat, India, which has revolutionized the dairy industry and empowered farmers. • Indian Farmers Fertiliser Cooperative (IFFCO): One of the world's largest fertilizer cooperatives, benefitting farmers across India. • Sugar Cooperatives: Particularly prominent in states like Maharashtra, where they play a significant role in the sugar industry. • Other Statements in the Question: • Statement 1: "Fully controlled by central government units" – This is incorrect as cooperative sector industries are owned and managed by members, not the central government. • Statement 2: "Meant exclusively for exports" – This is incorrect as cooperative industries are not necessarily export-oriented; their primary goal is to serve their members. • Statement 4: "Managed by foreign–Indian joint companies" – This is incorrect as these industries are managed by the members themselves, not by joint ventures with foreign entities. Important Notes: • Key Examples of Cooperative Movements: • Dairy Cooperatives: The White Revolution in India, led by Dr. Verghese Kurien, was driven by dairy cooperatives like Amul. • Credit Cooperatives: These cooperatives provide financial support to members in rural and urban areas, reducing dependence on moneylenders. • Fisheries Cooperatives: These cooperatives help fishermen with resources like boats, nets, and marketing facilities. • Significance of Cooperative Sector Industries: • They promote inclusive growth by empowering economically weaker sections of society. • They play a vital role in sectors like agriculture, dairy, banking, and rural development. • They foster a sense of community and self-reliance among members.