Ministry of Cooperation Expands National Level Multi-State Co-operative Societies
In a significant move to bolster the cooperative sector, the Ministry of Cooperation has announced the establishment of three national level multi-state cooperative societies. These societies are poised to make transformative strides in areas crucial to the agricultural and cooperative sectors, focusing on exports, organic produce, and quality seeds. Registered under the Multi-State Co-operative Societies (MSCS) Act, 2002, these societies open membership to cooperative societies across all tiers interested in the respective domains they cater to. Here’s an overview of these newly instituted societies:
National Cooperative Exports Limited (NCEL)
With the aim of fostering the export capabilities of the cooperative sector, the National Cooperative Exports Limited (NCEL) has been launched. The society is a collective initiative by stalwarts in the field including the Indian Farmers Fertilizer Cooperative Limited (IFFCO), Krishak Bharati Cooperative Limited (KRIBHCO), National Agricultural Cooperative Marketing Federation of India Limited (NAFED), Gujarat Cooperative Milk Marketing Federation Limited (GCMMF), and National Cooperative Development Corporation (NCDC). Featuring an impressive initial paid-up capital of Rs. 500 Crore, equally supported by the founding members, and an authorized share capital reaching Rs. 2,000 Crore, NCEL is designed to venture into direct export of cooperative-produced goods and services along with endorsement activities. The overarching goal is to boost the “Make in India” initiative by enhancing cooperative exports, thereby generating employment within the sector. To date, NCEL membership boasts 5,438 cooperatives.
National Cooperative Organics Limited (NCOL)
Understanding the growing demand for organic products, the National Cooperative Organics Limited (NCOL) has been established. Promoted by a consortium including NDDB, GCMMF, NAFED, National Cooperative Consumers’ Federation of India Limited (NCCF), and NCDC, NCOL flaunts an initial paid-up capital of Rs. 100 Crore, with each promoter contributing Rs. 20 Crore. The society aims to offer end-to-end support from aggregation to marketing for organic products, including certification, storage, and branding, while ensuring financial aid for organic farmers through member cooperatives. NCOL’s vision extends to enhancing the production of certified organic goods within the cooperative structure. Currently, NCOL has onboarded 3,772 cooperative members.
Bharatiya Beej Sahkari Samiti Limited (BBSSL)
Quality seeds are the cornerstone of agricultural productivity, and addressing this vital need is the Bharatiya Beej Sahkari Samiti Limited (BBSSL). Launched by IFFCO, KRIBHCO, NAFED, National Dairy Development Board (NDDB), and NCDC, BBSSL comes with an initial paid-up capital of Rs. 250 Crore, equally distributed among its promoters. The society’s mission is to enhance crop yields through the production, procurement, and distribution of high-quality seeds under a uniform brand leveraging the cooperative network. In doing so, BBSSL aims to reduce India’s reliance on imported seeds, thereby promoting the “Make in India” initiative and contributing towards an Atmanirbhar Bharat. To date, membership has been extended to 11,713 cooperatives, highlighting the significant interest and potential for growth in this sector.
The establishment of these three multi-state cooperative societies marks a significant milestone in the Ministry of Cooperation’s efforts to empower the cooperative sector. By focusing on critical areas such as exports, organic produce, and quality seeds, these initiatives are set to enhance the cooperative movement in India, promoting sustainable agricultural practices, boosting exports, and fostering self-reliance among farmers and cooperatives alike.
Overall, these efforts reflect a strategic push towards strengthening the backbone of India’s rural economy and ensuring that the cooperative sector plays a pivotal role in the nation’s journey towards holistic development and self-sufficiency.
