Inaugurated By Amit Shah, NCEL Surpasses ₹7,000 Crore Orders, to Share Profit with Member Farmers

In a significant development for India's cooperative sector, the National Cooperative for Exports Ltd. (NCEL), established earlier this year, has already secured orders worth ₹7,000 crore. Cooperation Minister Amit Mr. Shah made this announcement at a national symposium held in New Delhi on October 23.

Mr. Shah unveiled the new logo and website of NCEL during the event, highlighting the cooperative's commitment to ensuring that the benefits of exports reach member farmers of cooperatives. NCEL's unique approach will see them sharing approximately 50% of export profits with these farmers, in addition to the Minimum Support Price (MSP).

While NCEL currently operates from temporary facilities and is in the process of recruiting staff, the cooperative's early success is an encouraging sign of the cooperative's potential impact on India's agricultural and export landscape.

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NCEL's core mission goes beyond profit generation through exports; it aims to guide farmers in producing goods that meet international export standards. Moreover, it will purchase commodities for export from its member farmers at the MSP and subsequently transfer around 50% of the profits directly to their bank accounts, ensuring a significant income boost.

During the symposium, Mr. Shah distributed membership certificates to five NCEL members, cementing their commitment to cooperative-driven exports. Union Commerce Minister Piyush Goyal, who was also present at the event, emphasized that NCEL's creation would significantly boost exports and contribute to India's overall growth and rural transformation.

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He noted that the cooperative sector has tremendous potential for export activities, given the increasing international interest in Indian products. Stressing the importance of adhering to international quality standards, he encouraged cooperatives to focus on producing high-quality goods for the export market.

In attendance at the event were Minister of State for Cooperation Minister B.L. Verma, Cooperation Secretary Gyanesh Kumar, and NCEL's chief, Pankaj Kumar Bansal. The creation of NCEL, registered under the Multi-State Co-operative Societies Act on January 25, 2023, marked a significant milestone. With an authorized share capital of ₹2,000 crore, it invites cooperative societies from the primary to apex levels that are interested in exports to become members.

NCEL's primary objective is to channel the surplus available within the Indian cooperative sector into broader markets beyond the country's borders. This initiative gains importance as India boasts approximately 8 lakh cooperative societies with over 29 crore members.

NCEL's early success in securing substantial export orders underscores the potential for cooperatives to transform the Indian export landscape while ensuring that farmers reap the benefits of these endeavors. This cooperative approach aligns with India's vision for rural development and agricultural growth.

As NCEL continues to develop and expand its operations, it represents a promising step forward in promoting India's export capabilities and strengthening the agricultural sector, with a clear focus on the welfare of the country's farmers.

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