Step 1: Understanding the Question:
The question asks us to identify the specific constitutional amendment that provided constitutional recognition and protection to co-operative societies in India.
Step 2: Key Concepts and Approach:
We need to recall the amendment that inserted a new Part dedicated to co-operative societies (Part IX-B) and modified the provisions of Part III and Part IV of the Constitution.
Step 3: Detailed Explanation:
• The 97th Amendment Act, 2011: This amendment was enacted to revitalize the co-operative sector in India by ensuring democratic functioning and professional management.
• Part IX-B: The amendment inserted a brand new Part IX-B (comprising Articles 243ZH to 243ZT) which regulates the incorporation, terms, and audit of co-operative societies.
• Article 19(1)(c): It made the formation of co-operative societies a fundamental right by amending Article 19(1)(c).
• Article 43B: It introduced Article 43B as a Directive Principle of State Policy to guide the state in promoting these societies.
• Supreme Court Clarification: In Union of India v. Rajendra N. Shah (2021), the Supreme Court struck down Part IX-B to the extent that it applied to multi-state co-operative societies without ratification from State Assemblies, but upheld it for co-operative societies operating within single states.
Step 4: Final Answer:
The constitutional recognition was conferred by the 97th Constitutional Amendment Act. Hence, Option B is correct.