Despite several challenges NAFED has registered a profit to the tune of Rs 150 crore in the last financial year. That apart, the cooperative has been able to get the paddy procurement work from the central government. “We are proud of these two achievements”, said Chairman V.R.Patel in the 60th Annual General Meeting held on Saturday at NCUI headquarters in New Delhi.
Its bears recall that in 2015-16, the agri cooperative earned a gross profit of Rs 16 crore and due to the interest liability on borrowed funds the net loss reported during the period was 148 crore”.
At a time when the cooperative is passing through difficult times, the AGM seems to have infused delegates with a sense of optimism. One of delegate speakers said “Hope, NAFED will begin disbursing dividend to its members from the next year”.
There was also good news on the front of payment of outstanding dues, a topic of concern among the delegates. NAFED has released payment of outstanding dues of delegates to the tune of about Rs 20 crore, informed the MD.
In the AGM Chairman Patel also informed that a delegation comprising of NAFED Vice-Chairman Dileepbhai Sanghani, Bijendra Singh, Chandra Pal Singh Yadav and he himself met Prime Minister Narendra Modi on the issue of bail-out-package. Patel hoped the fund would be released soon.
During the year 2016-17 NAFED has procured oil seeds and pulses to the tune of over 11 lakh MTs valuing around Rs 5500 crores under PSS and PSF 5 schemes of the government of India, informed Patel on the occasion.
V.R. Patel said NAFED has taken several austerity measures to cut down the establishment cost and administrative expenses and as a result, these expenses have come down from 55 crore to around 39 crore annually.
Speaking of future goals and targets, Patel said efforts are being made to utilize the available resources like Warehouses to their optimal use to generate sufficient revenues for federation.
NAFED Vice Chairman Dileepbhai Sanghani also addressed the gathering and said “If the government is committed to doubling the income of farmers till 2022 then NAFED can also play an important role. After approval of bail-out-Package, the situation will change fast”, he added.
NAFED Managing Director Sanjeev Kumar Chadha presented the AGM report before the delegates which was applauded and unanimously passed. There are some challenges such as shortage of staff, contesting legal cases in court, fee payment to advocates and others, said the MD while addressing the AGM.
”Agricultural Cooperative is supplying lentils to Army and Military force and we are also doing the work of paddy procurement with the Food Corporation of India (FCI). NAFED is also providing relief material to Bangladesh and the GOI is planning to give us responsibility of exporting rice to Bangladesh”, the MD said.
Several top notch cooperators including Chandra Pal Singh, Bhanvar Singh Sekhawat, Sunil Kumar Singh, Virendra Singh, Vishal Singh, Bijendra Singh, Ashok Thakur and NAFED officials were present on the occasion.