The National Cooperative Consumers’ Federation of India (NCCF) achieved remarkable success in the 2023-24 financial year, surpassing all previous records. The federation reported a sales turnover of Rs 5,968.96 crore and earned a net profit of Rs 182.25 crore, which is six times higher compared to previous years.
These impressive figures were announced by NCCF Chairman Vishal Singh during the federation’s 54th Annual General Meeting held on Monday at the NCUI headquarters.
In addition to these achievements, NCCF declared a 20 percent dividend for its shareholders, marking a 10 percent increase compared to the previous year. The AGM was attended by Kribhco Chairman Dr. Chandra Pal Singh Yadav, Bijendra Singh, Sunil Kumar Singh, Paresh Patel, officials from the Ministry of Consumer Affairs, delegates from various states, and many other prominent people.
Buoyed by NCCF’s remarkable performance, Vishal expressed heartfelt appreciation for Union Home and Cooperation Minister Amit Shah and Union Consumer Affairs Minister Pralhad Joshi. He also acknowledged the contributions of board members, stakeholders, and member societies associated with NCCF.
In his speech, Vishal Singh set ambitious targets for the upcoming financial years, aiming for a sales turnover of Rs 15,700 crore in 2024-25 and Rs 16,485 crore in 2025-26. He announced that nominal membership would open in the coming days, with permanent membership to be available within a couple of months.
“The Government of India has planned to produce ethanol from maize, and NCCF is taking the lead in this direction. We have rolled out initiatives for maize farmers and will soon begin procuring from them. We have partnered with several distillers to supply maize,” Singh stated, receiving thunderous applause.
He further highlighted the federation’s significant increase in grocery sales, including the distribution of Bharat Brand commodities and the supply of onions and tomatoes under government schemes. NCCF also achieved higher turnover in civil construction, agricultural inputs, and imports & exports compared to the previous year.
The federation procured over 3.50 lakh MT of onions, 1,240 MT of tomatoes, 3.47 lakh MT of pulses under the PSF scheme, and 2.62 lakh MT of paddy during the year. In association with NCEL and MEA, NCCF supplied rice to various countries, including Indonesia and Guinea, amounting to Rs 102 crore, marking a significant increase in turnover for the year.
Additionally, it was announced that NCCF has been awarded a mega housing project by the Rajasthan Urban Drinking Water Sewerage and Infrastructure Corporation Limited, with a total job value of Rs 253.78 crore.
NCCF has also been awarded the building construction work on an EPC basis for the construction of nine buildings at Jamia Millia Islamia University in New Delhi under the HEFA Project, with a total project value of Rs 423 crore currently in progress.
Union Ministry of Consumer Affairs Joint Secretary Anupam Mishra represented NCCF MD Anice Joseph, who was unable to attend due to personal reasons. He presented the agenda to the member societies, which was unanimously passed.
In his remarks, Mishra touched on various aspects of NCCF and the ministry’s role in the federation’s remarkable performance in the 2023-24 financial year. “Of the total Rs 182 crore net profit, Rs 145 crore was generated from business provided by the ministry to NCCF,” he noted.
While presenting a vote of thanks, former NCCF Chairman Bijendra Singh praised Vishal Singh’s efforts, calling him a fortunate leader for the federation. He also urged for an increase in membership, which would help enhance the share capital of NCCF.
