The All India Rural Credit Survey, in their Report in 1954, brought forth the stark reality that cooperatives, despite all the widespread presence in villages, and the attention and encouragement received, did achieve pretty little. They just contributed to 3.1% of the credit needs of the villagers, as can be seen from Table 1 below:  8  BIS central bankers’ speeches  34.
This led them to conclude, with the famous saying, “Cooperation has failed; but it must succeed”. Cooperatives in second half of 20th century 35. The next half century received quite a lot of rhetoric.