The Indian Farmers Fertiliser Cooperative Limited (IFFCO) is ranked Number 1 Cooperative among top 300 cooperatives in the world. 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 & economic growth of the Nation.
IFFCO’s mark on the global cooperative movement is inspired by Hon’ble Prime Minister Shri Narendra Modi’s vision of “Sahkar Se Samriddhi” and under able leadership of Sh. Amit Shah, Hon’ble 1st Minister of Cooperation, Govt. of India, says the co-op titan in a release.
It relates the turnover of the enterprise to the wealth of the country according to the 2022 edition of the 11th Annual World Cooperative Monitor (WCM) report published by International Cooperative Alliance (ICA).
IFFCO with about its 36,000-member cooperatives is at top amongst the biggest cooperative institutions in the world. Recently, IFFCO developed World’s First Nano Fertiliser, IFFCO Nano Urea Liquid with an aim to reduce the use of chemical fertiliser and enhance crop productivity, a giant step towards Sustainable Agriculture. IFFCO’s Nano Urea was developed keeping in mind Hon’ble PM’s initiative of ‘Atmanirbhar Bharat’ and ‘Atmanirbhar Krishi’ which will lead to increase in farmers income.
In the Top 300 ranking based on the ratio of turnover over gross domestic product (GDP) per capita as they did last year, two Indian producer cooperatives reach the first and second positions: The Indian Farmers Fertiliser Cooperative (IFFCO) and Gujarat Cooperative Milk Marketing Federation Limited. In third place is the French Groupe Crédit Agricole.
Dr. U S Awasthi, Managing Director, IFFCO said, “It is a proud moment for IFFCO and Cooperative brotherhood as well. A great achievement for all of us in Indian Cooperative movement. He further said that IFFCO realising the Sahkar Se Samriddhi vision of hon’ble Prime Minister, Sh. Narendra Modi. It’s an example
Sh. Dileep Sanghani, Chairman, IFFCO said that at IFFCO, we are always committed towards the growth and development of farmers across the country and strengthening the Indian Cooperative Movement to the remotest level of the country. We believe in Innovation and digitisation as it is the key to success. I congratulate everyone at IFFCO and entire cooperative fraternity of the country for this yet another achievement.” IFFCO has done India proud for last so many years on International Cooperative Arena.
In the Top 300 ranking based on turnover, on the podium are two financial and one commercial enterprise. As was the case last year, the first two positions belong to the French Groupe Crédit Agricole (88.97 Billion USD turnover in 2020) and the German co-op REWE Group (77.93 Billion USD turnover in 2020). Rising to third place is the Cooperative Financial Network Germany – BVR (58.02 Billion USD turnover in 2020).
Most of the Top 300 enterprises are from the most industrialized countries such as the USA (71enterprises), France (42enterprises), Germany (31enterprises) & Japan(22enterprises).
About WCM. The World Cooperative Monitor is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide. It is published each year to report on key economic and employment data of the Top 300 cooperatives and mutuals in the world.
The World Cooperative Monitor (WCM) collects 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. This latest edition will mark the report’s move into its second decade of reporting on economic and social impact and presents a deeper dive into digitalization and the cooperative identity.
About the International Cooperative Alliance. The International Cooperative Alliance (ICA) is the voice for cooperatives worldwide, representing more than 315 cooperative federations and organisations across 110 countries. The ICA works with global and regional governments and organisations to create the legislative environments that allow cooperatives to form and grow.
Operating from a global office in Brussels, Belgium, the International Cooperative Alliance is organised with four Regional Offices (Europe, Africa, Americas, and Asia-Pacific), and eight Sectoral Organisations (Banking, Agriculture, Fisheries, Insurance, Health, Housing, Consumer Cooperatives, and Service and Industry cooperatives).The International Cooperative Alliance is a non-profit international association established in 1895 to advance the cooperative social enterprise model.
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 non-profit 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. Euricse’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.