A novel form of cooperative organization known as Producer Company was introduced by amending the ………………….

Question

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The Producer Company concept was introduced in India by amending the Companies Act, 1956, through the Companies (Amendment) Act, 2002. This allowed for the incorporation of producer companies, which are aimed at organizing farmers and other individuals involved in certain activities (like production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce) into a collective to improve their income and standard of living.

A Novel Form of Cooperative Organization Known as Producer Company