IFFCO ranks first among top 300 cooperatives globally

Business Thursday 02/December/2021 13:54 PM
IFFCO ranks first among top 300 cooperatives globally

New Delhi: The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked 'number one Cooperative' among the top 300 cooperatives in the world, withholding its position from last year, informed an official statement on Thursday.

According to the statement, the ranking is based on the ratio of turnover over the gross domestic product (GDP) per capita. It signifies that IFFCO is contributing significantly to the GDP and economic growth of the nation. It also relates the turnover of the enterprise to the wealth of the country according to the 2021 edition of the 10th Annual World Cooperative Monitor (WCM) report published by the International Cooperative Alliance (ICA). IFFCO has also stepped up to 60th Position in overall Turnover ranking from 65th position in last financial year, the statement said.

Dr U S Awasthi, MD, IFFCO said, "It is a proud moment for IFFCO and Indian Cooperative Movement as well. At IFFCO, we are always committed to the mission of Prime Minister Narendra Modi for doubling farmers' income ensuring wholesome growth of farmers across the nation strengthening the cooperative movement."

"We believe in innovation as it is the key to success that is why we introduced nanotechnology-based solutions for agriculture especially alternative fertilizers, beginning with World's 1st IFFCO Nano Urea Liquid. IFFCO Nano Urea liquid has been well received by the Indian farmers which have strengthened our resolve.

We will be soon launching IFFCO Nano DAP and other nanotechnology-based products," he added.

"I congratulate everyone at IFFCO and the entire cooperative fraternity of the country for this big achievement," Awasthi added.

IFFCO being featured in the report is the testament of Indian Cooperatives' zeal towards realizing the mission of Atmanirbhar Bharat and Atmanirbhar Krishi while promoting the Make in India project, the statement said.

Driven by Prime Minister Narendra Modi's vision of Sahakar Se Samridhi, IFFCO continues to push towards innovation with the successful launch of nanotechnology-based IFFCO Nano Urea Liquid which is a product that has the potential to revolutionize the way we do agriculture.

Support from the newly created Union Ministry of Cooperation led by Union Home Minister Amit Shah has also given an impetus to efforts, the statement added.

With Nano DAP and other innovative products in the pipeline, IFFCO is only going to have an even greater impact on the global cooperative stage with improving ranking being an indication for the same.

The International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprises (Euricse) launched the 2021 edition of the World Cooperative Monitor during an international webinar.

The report is the 10th annual one and explores the economic and social impact of the largest cooperatives and mutual worldwide, providing a ranking of the top 300, sector rankings, and an analysis of responses to the current global challenges: Covid and climate change.