100 Years of Cooperative Movement in India 8.5.2005

In India, the Co-operative movement was started after the enactment of "The Co-operative Credit Societies Act, 1904 (Act Xof 1904)". On 25th March, 1904 the Bill was passed and on 26th March, 1904 it was published in the Gazette of India. Hence, the year 2004 is being celebrated as the Centenary Year of the Co-operative Movement in India. With that Act, the Co-operative emerged in India as a State sponsored/promoted institution. The main objective was to relieve the poor agriculturists from the clutches of cruel moneylenders. What was the background?