50% Profit Assured via Cooperative Export Body to Farmers with Time: Amit Shah
Naija CooperativeNews…About 1,500 cooperatives have become members and with time, Shah said, the National Cooperative Export Limited will also emerge as a successful venture like IFFCO, KRIBHCO, and Amul
The National Cooperative Exports Limited (NCEL), the newly-created umbrella organisation for cooperative sector exports, has received orders worth Rs 7,000 crore, Union Cooperation and Home Minister Amit Shah said Monday, while orders worth Rs 15,000 crore are under negotiations.
Addressing a national symposium on cooperative exports, Shah said, “So far, we have received orders worth Rs 7,000 crore, and the negotiations are on for [orders worth] Rs 15,000 crore.” At least 50 per cent of the export profits will go to farmers through National Cooperative Export Limited, and they will get it directly into their bank accounts, he said.
“It is just beginning,” Shah said, adding, “We are operating from a temporary office. The recruitment of employees is going on.”
About 1,500 cooperatives have become members and with time, Shah said, the National Cooperative Export Limited will also emerge as a successful venture like IFFCO, KRIBHCO, and Amul.
The NCEL, an umbrella body for cooperative sector exports registered under the Multi-State Co-operative Societies Act, 2002, was set up on January 25 this year. It has an authorised share capital of Rs 2,000 crore, with Rs 500 crore as the initial paid-up share capital.
The NECL’s chief promoter is the Gujarat Cooperative Milk Marketing Federation Limited (GCMMF). Shah said that NCEL will become an organisation representing the entire cooperative sector and in the coming days, efforts will be made to develop it into a complete export ecosystem covering all aspects like procurement, storage, processing, marketing, branding, labeling, packaging, certification, and research and development.
The NCEL will also work on connecting with the Ministry of Commerce and Industry, the Ministry of External Affairs, and our embassies abroad, he said.
