National Export Co-operative Society to trade to trade nano fertilizers and dairy products

National Export Co-operative Society to trade to trade nano fertilizers and dairy products

Subject : Polity

Section: National body

Concept :

• 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 Co-operative Society.

National Export Co-operative Society

• The Union Cabinet, has approved setting up and promoting a National Level multistate cooperative export society under the Multi State Cooperative Societies (MSCS) Act, 2002.
• The proposed society will provide thrust to exports from cooperative sector by acting as an umbrella organisation for carrying out and promoting exports.
• This will help unlocking export potential of Indian cooperatives in global markets.
• Further, it will have a paid-up capital of about Rs 2,000 crores.
• This Cooperative Society will be different from the Export Promotion Council under the Ministry of Commerce that plays a role of a facilitator and helps provide information about the potential markets.
• Promoters of the Society include leading cooperatives such as the Indian Farmers Fertiliser Cooperative Limited (IFFCO), Krishak Bharati Cooperative Limited (KRIBHCO), National Agricultural Cooperative Marketing Federation of India (NAFED), Gujrat Cooperative Milk Marketing Federation (GCMMF) (famously known as Amul) and National Cooperative Development Corporation (NCDC).
• All the above cooperatives will contribute 100 crores each.
• The Union Cabinet has announced the establishment of Multi State Seed Society, Multi State Organic Society and Multi State Export Society.
• Cooperatives at present have a presence in most of the sectors such as agriculture, horticulture, fisheries, livestock, fertilizers, handicrafts, etc.
• The contribution of cooperatives is significant in these various sectors. Cooperative contribute:
  • 28.80% in fertilizer production
  • 35% in fertilizer distribution
  • 30.60% in sugar production
  • 17.50% in the procurement of a marketable surplus of milk
• Currently, in the country, there are 8.54 lakh registered cooperatives with over 29 crore members.