NAFED holds 67th AGM; earns highest ever profit since its inception

The 67th Annual General Meeting of the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) was held on Friday at the NCUI Auditorium in New Delhi, amidst jubilations as the agri co-op clocked the highest ever profits since its inception in the fiscal year.

The event saw the participation of over 600 delegates representing various member societies and state federations, marking a significant gathering for the organization. While Board members, led by the Chairman Jethabhai Ahir were seated on the dais, a large number of delegates from across the states filled the auditorium.

Ritesh Chauhan, IAS, Managing Director of NAFED, welcomed the attendees, acknowledging the visit of the Union Minister of Home and Cooperation, Amit Shah, which had inspired NAFED to expand its agricultural marketing activities. MD expressed his gratitude to the Minister for his unwavering support to NAFED.

During his address, Chauhan shared a brief report on NAFED’s business performance, revealing that during the financial year 2023-24, the organization achieved a turnover of Rs 26,520.34 crore and a net profit of Rs 492.38 crore, the highest profit earned since NAFED’s inception.

Chauhan also highlighted NAFED’s introduction of the e-Samridhi portal for the welfare of farmers, launched by Shri Amit Shah on January 4, 2024. The portal has so far registered approximately 17.5 lakh farmers, and the numbers are increasing daily. He urged the members of the federation to continue their support so that NAFED could reach even greater heights.

In his keynote address, Jethabhai Ahir, Chairman of NAFED, thanked Prime Minister Narendra Modi for forming a separate ministry dedicated to the welfare of the cooperative sector and praised the dynamic leadership of Amit Shah. Ahir commended the Ministry of Cooperation’s efforts in achieving milestones in a short period, especially in making Primary Agricultural Credit Societies (PACS) multipurpose in areas such as agricultural procurement, dairy, fish farming, storage, medicine distribution, and other fields.

Ahir also noted that to encourage more farmers to join the e-Samriddhi portal, NAFED had set up a registration counter at the AGM venue. In recognition of the federation’s outstanding performance, he announced a dividend of 15% to member federations and societies.

The Chairman further expressed appreciation for the support provided by Union Minister of Agriculture and Farmers Welfare, Shivraj Singh Chauhan, Union Minister of Consumer Affairs, Prahlad Joshi, state governments, and other agencies.

He said this collaboration enabled NAFED to serve farmers through various schemes, including the launch of Bharat Brand Products under the Open Market Sale Scheme (OMSS), which aims to offer affordable prices to consumers and create a reliable market for farmers’ produce.

Several branches and member societies were honoured for their exceptional performance during the 2023-24 financial year, recognizing their contributions to NAFED’s initiatives. Representatives from member societies across India were invited to the stage to share their suggestions for the improvement of farmers’ welfare.

Finally, Tarlok Singh, Vice Chairman of NAFED, expressed his heartfelt gratitude to the gathering and delivered a resounding vote of thanks, acknowledging the unwavering commitment and collective efforts of the NAFED team.

The meeting concluded with a reaffirmation of NAFED’s dedication to improving the lives of farmers by providing remunerative prices, a ready market for their produce, and other essential services.