Some called it spectacular, others found it incredible and still others said it is impossible! The National Federation of Farmers’ Procurement, Processing and Retailing Cooperatives of India (NACOF) has registered business growth of 340 per cent beating all its peers in the game including Nafed, NCCF, Seed Corporation and other such organizations.
The startling information was shared during its 7th Annual General Meeting held in NCUI’s board room which was packed with prominent cooperators to capacity on Tuesday.
Addressing delegates from across 25 states, NACOF, Chairman, Ram Iqbal Singh said during 2015-16 the turnover was Rs 11 hundred crore that represents 300 percent in business worth. The federation has earned a net profit of Rs. 6 crore before tax in a short span of time and distributed dividend of 20 per cent continuously for the Sixth year to the member societies.
In Chairman’s words” I have immense pleasure to inform to the august body that NACOF have achieved a remarkable progress during the year 2015-16 by achieving a sales target of Rs. 1113.85 crores against a sales turnover of Rs. 253.22 crores during the year 2014-15, which represents 340% increase.
The gross income has also increased to Rs. 965.15 lakhs as against the gross income of Rs. 273.77 lakhs of the last year. This is higher by 252% the Net Profit (before tax) is Rs. 644.42 lakhs for the year under review as against Rs. 150.40 lakhs of the previous year, which is higher by 329.1%.
Nacof has strengthened its branches by providing experienced and qualified professionals in the field of agriculture and started its seeds production program in various states.
”We never seek any support from the state or the central government and are working independently with the support of our members. We are working on the lines of a Multi National Company,” said Singh.
NACOF Chairman said ”our objective is not to earn profit but we always thinks how we can improve the life of farmers. Our efforts are to open a network of Kisan Sewa Kendras to serve farmers of India and work professionally. We don’t want to indulge political leaders and want to develop our society on cooperative culture with the contribution of cooperators”.
Ranjeet Singh, Director, NACOF said ” putting a smile on farmers’ face is the main motto of our society. We have to learn from the failure of cooperatives”
NCDC, Deputy Managing Director, D.N.Thakur assured that NCDC will always provide its additional support to NACOF whenever they need it. NACOF is an example of how member societies could help it pull off a jumbo 300 percent expansion in its business before you know it, Thakur said.
NCUI, CEO, N.Satyanaryana, Executive Director, Badrul Hasan, Savitri Singh, ICA, Board members and others were present on the occasion.
B.K.Mishra, MD, Fishcopfed who also spoke on the occasion described NACOF chairman as a leader with a difference and said because of his contributions the society has reached amazing heights of growth with baffling speed.
Addressing the gathering Savitri Singh representing ICA said there should be a database on cooperatives that are active or defunct and she urged cooperators to participate in the ICA A-P regional assembly scheduled for November in New Delhi.
In his remarks Ex-MD, Sugar Federation said ”cooperatives are not Dharmsalas and they have to perform well.” NCUI, Ex-CE Dr Dinesh focused on professional norms and underlined their importance in the cooperative sector.
