NATIONAL EXPORT COOPERATIVE SOCIETY TO TRADE NANO FERTILIZERS, DAIRY PRODUCTS

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• Nano fertilizers produced by IFFCO and dairy products from Amul will be among the first few products that are expected to be exported by the first-ever National Export Cooperative Society that was approved by the Union Cabinet on January 11.
• The society’s registration will be complete in the next few days and the first consignment will be exported in three months, a senior government official said on Thursday.
• Indian Farmers Fertiliser Cooperative Limited (IFFCO), Krishak Bharati Cooperative Limited (KRIBHCO), National Agricultural Cooperative Marketing Federation of India (NAFED), Guajrat Cooperative Milk Marketing Federation (GCMMF), better known as Amul, and National Cooperative Development Corporation (NCDC) will be the promoters of the society and contribute ₹100 crore each.
• The society will have an authorised share capital of ₹2,000 crore with the area of operation all over the country. It will have its registered office in Delhi.
• Though Amul and IFFCO currently export products to countries such as Brazil, the Philippines, Kenya and Canada, the proposed society is expected to enhance the scale and volume of exports.
• “The society will benefit the smallest of farmer or artisan who has a good product but does not have access to the right platform.
• Through this society, they will get access to international market and good returns too. Once the product has been tested for international standards, the packaging and export will be done by the society,” the official said.

‘Think globally’

• The official said there were 8.54 lakh registered cooperatives with more than 29 crore members. “Cooperatives need to think globally and act locally to leverage their comparative advantage in all economic areas. The focus will be on exporting the surplus available in the country in the cooperative sector,” the official said.
• The society will be different from the Export Promotion Council under the Ministry of Commerce that only acts as a facilitator and provides information about the potential markets that can be tapped for a particular product.
• “This society will provide end-to-end services to the cooperatives. It will open foreign bank accounts and complete all the formalities, including necessary permissions for exporting a product. The dividends will be shared with the manufacturer instantly and without any brokerage fee,” the official said.
• The proposed society will hire consultants in foreign countries who will help expand its footprint across continents.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB