- Retains top position again in World Cooperative Monitor (WCM) Report 2023
- The WCM ranking is based on the ratio of turnover over gross domestic product (GDP) per capita published by International Cooperative Alliance
- It signifies the prominence and strength of Indian Cooperative movement at the Global stage, realizing the Hon’ble PM’s vision of “Sahkar se Samridhi”
- IFFCO stepped up to 72nd position from its 97th position last FY in the overall turnover of the 300 cooperatives in the world.
- As the Number 1 Cooperative IFFCO continues to contribute to the GDP and economic growth of the country
New Delhi, February 22nd, 2024: The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been rankedagainas Number 1 Cooperative among top 300 cooperatives in the world, sustaining its position from last year. The ranking is based on the ratio of turnover over gross domestic product (GDP) per capita. It signifies that IFFCO is contributing significantly to the GDP and economic growth of the nation. It relates the turnover of the enterprise to the wealth of the country according to the 2023 edition of the 12th Annual World Cooperative Monitor (WCM) report published by International Cooperative Alliance (ICA). IFFCO has also stepped up to 72nd Position in overall Turnover ranking from 97th position in last financial year. IFFCO along with its 35,500-member cooperative societies, 25,000 PACS and 52,400 PMKSK centres progressing towards ‘Atmanirbhar Bharat’ and ‘Atmanirbhar Krishi’ is a testimony of prosperity through cooperatives.
IFFCO has maintained its No. 1 rank from past several years which is a testament to IFFCO and its management’s unwavering faith in the cooperative principles. This can also be seen as an indicator of strong cooperative movement in the country which has gained impetus since the formation of dedicated Union Cooperation Ministry under the able leadership of Shri Amit Shah, Hon’ble Minister of Home Affairs and Cooperation, Government of India. Initiatives taken by the ministry has created a conducive environment that has enabled flourishment of Cooperative movement in India.
Taking inspiration from Hon’ble PM’s vision of “Sahkar Se Samriddhi” and with years of hard work, research and experimentation on various crops, IFFCO developed World’s First Nano Urea and Nano DAP for farmers.
IFFCO is procuring 2,500 Agri-Drones along with Accessories and Spares for spraying IFFCO Nano Fertilizers as well as Bio-fertilizers, Bio-stimulants like Sagarika and Argi-chemicals etc. IFFCO will train more than 5000 rural entrepreneurs and will distribute 2500 Agri Drones.IFFCO is also engaged in identifying suitable Village Level Entrepreneurs, who will be trained to operate these Drones as “Certified Pilots”. These drones will be deployed as per the location and schedule of training of these rural entrepreneurs.
Commenting on retaining the top position in consecutive years, Dr. Uday Shankar Awasthi, Managing Director, IFFCO said, “It is a proud moment for us at IFFCO and the Indian Cooperative Movement as well. At IFFCO, we are always committed towards the mission of increasing farmers’ income ensuring wholesome growth of farmers across the nation, and strengthening the cooperative movement. We believe in innovation as it is the key to success that is why we introducing Nanotechnology based solutions for agriculture especially alternative fertilizers, beginning with IFFCO Nano Urea Liquid which has been received very well by the Indian farmers. Later, IFFCO launched IFFCO Nano DAP which was recently mentioned in Annual Budget of Government of India. I congratulate each and every one at IFFCO and entire cooperative fraternity of the country for this momentous achievement.”
IFFCO being featured in the report is a testament of Indian Cooperatives’ zeal towards realizing the mission of ‘Atmanirbhar Bharat’ and ‘Atmanirbhar Krishi’ while promoting the ‘Make in India’ project. Driven by the Honourable Prime Minister Narendra Modi’s vison of ‘Sahkar se Samridhi’, IFFCO continues to drive towards innovation with successful launch of Nanotechnology based IFFCO Nano Urea Liquid and Nano DAP Liquid which has the potential to revolutionize the way agriculture is being practised. Support from the Union Ministry of Cooperation led by Honourable Home Minister Shri Amit Shah has given an impetus to these efforts.
In recent years, IFFCO has been striving to change the agriculture scenario in the country. Working on the vision of Agriculture 2.0, IFFCO has invested in and has introduced pathbreaking agrotechnology including Nanotechnology based fertilizers, promotion of Agri-drones, rural e-commerce, digital enablement of farmers and farms, Internet of Things (IoT), etc. IFFCO aims to be the flag-bearer of the modern Indian Agriculture, by being the brand resonating with innovators and progressive rural entrepreneurs.
The International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprises (EURICSE) launched the 2021 edition of the World Cooperative Monitor during an international webinar on 25thJanuary, 2024. The report is the 10th annual edition and explores the economic and social impact of the largest cooperatives and mutual worldwide, providing a ranking of the Top 300, sector rankings, and an analysis of responses to the current global challenges primarily COVID and Climate Change.
The in-depth research and collaboration to produce this report continues to provide the cooperative movement with a significant tool to evaluate its own positioning and highlights the importance of cooperative enterprises to the public and policy-makers around the world.
About the WCM:The World Cooperative Monitor is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide. It is the only report of its kind collecting annual quantitative data on the global cooperative movement.
About the International Cooperative Alliance: The International Cooperative Alliance (ICA) is the voice for cooperatives worldwide. The ICA works with global and regional governments and organizations to create the legislative environments that allow cooperatives to form and grow. The International Cooperative Alliance is a non-profit international association established in 1895 to advance the cooperative social enterprise model.
About the International Cooperative Entrepreneurship Think Tank (ICETT): Established in Buenos Aires, Argentina in 2018 by the ICA, ICETT aims to strengthen cooperatives’ entrepreneurial performance by seeking and using innovative ideas, research, education, and cooperation to address the challenges that cooperative enterprises are facing. ICETT members collaborate on the WCM special topics.
About EURICSE: EURICSE is a research institute based in Trento (Italy), whose mission it is to promote knowledge development and innovation for the field of co-operatives, social enterprises and other nonprofit organizations engaged in the production of goods and services, and to deepen the understanding of these types of organizations and their impact on economic and social development. Eunice’s activities aim to reduce the fragmentation in the research on cooperative and social enterprises, and to enhance the visibility of this sector in the scientific and political debate.
(This story has not been edited by News Mania staff and is published from a Media Release)
