Nafed Chairman meets State Agriculture Minister

Nafed woes seem not to end. Hailed till recently as successful cooperative, its slide to poor management and shrunken finance have its image battered in the cooperative world. NAFED Chairman Dr Bijender Singh went to meet the state agriculture minister on Wednesday to discuss “betterment of nafed”.

Earlier, Nafed has sought a loan of Rs 1400 crores from the government. How far the govt is keen to give it loan-free interest cannot be said, but talking to Indian cooperative .com, NAFED Chairman Dr Bijender Singh said file has moved up from the agriculture ministry to finance ministry.

Talking about the tie up business losses Dr Singh said that the cases  are being followed in different courts and are in different stages of finalization.  Nafed is reeling under huge interest burdens following its ‘failed’ ‘tie-up business’ started a few years back

Despite making gross profits for the last ten years,  Nafed is facing a huge financial crunch as its profit is being wiped out owing to significant interest liability because of outstanding loans against the failed tie-up business.

Nafed, a 50-year-old body set up to provide marketing support to farmers, is the government’s nodal agency for procurement of identified oilseeds and pulses.