Cooperation Minister Amit Mr. Shah on October 23 said the newly established National Cooperative for Exports Ltd. (NCEL) has bagged orders of ₹7,000 crore so far.
Mr. Shah, who launched the new logo and website of NCEL in New Delhi, said the cooperative will ensure that benefits of exports reach member farmers of cooperatives and will share with them about 50% of the export profit over and above the minimum support price.
“Currently, NCEL is operating from a temporary office. We are recruiting staff. So far, we [NCEL] have received orders worth ₹7,000 crore…,” the Minister said addressing a national symposium.
NCEL will not only focus on making profits from exports but also handhold farmers to manufacture products for the export market. It will also share profit with the member farmers of cooperatives, he said.
NCEL will purchase the commodities to be exported from member farmers at the MSP. Out of the total profit the NCEL earns from the exports, about 50% of it will be transferred directly into the bank accounts of member farmers. The profit will be over and above the MSP, he said.
Mr. Shah also distributed membership certificates to five NCEL members at the symposium being organised at the Pusa complex in New Delhi.
Speaking on the occasion, Union Commerce Minister Piyush Goyal said the creation of NCEL will give a fillip to exports and contribute to the country’s growth and rural transformation.
The cooperative sector can tap the export potential as there is a growing thrust on India at the global level, he said.
The Minister also added the cooperatives should focus on manufacturing quality products for the export market that comply with international standards.
Minister of State for Cooperation Minister B.L. Verma, Cooperation Secretary Gyanesh Kumar and NCEL chief Pankaj Kumar Bansal were also present at the event.
NCEL, which was registered under the Multi-State Co-operative Societies Act on January 25 this year, has an authorised share capital of ₹2,000 crore and those cooperative societies from the level of primary to apex interested in exports are eligible to become its members.
It aims to focus on exporting the surplus available in the Indian cooperative sector by accessing wider markets beyond the geographical contours of the country.
There are about 8 lakh cooperative societies in the country with over 29 crore members.