First AGM of National Export Co-op held; Bansal elected Chairman

National Cooperative Development Corporation (NCDC) Managing Director Pankaj Bansal has been elected unopposed as the Chairman of the newly constituted- National Level Multi State Export Cooperative Society, in an election held on Friday.

He was elected during the 1st Annual General Body meeting of the Export Cooperative Society, held in New Delhi. The results were declared by the returning officer Ms Suman Kumari during the first General Body meeting. Rakesh Kapur (Jt MD, IFFCO) and Shamalbhai Patel (Chairman, Amul) were the proposer and seconder of Pankaj Bansal.

The cooperatives, which are part of the ambitious project, include IFFCO, GCMMF, Kribhco, Nafed and NCDC. The board members include, Rakesh Kapur, Joint MD, IFFCO, Shamalbhai Patel, Chairman, GCMMF, Chandra Pal Singh Yadav, Chairman, Kribhco, Bijendra Singh, Chairman, Nafed and Pankaj Kumar Bansal, MD, NCDC.

The five co-op bodies IFFCO, KRIBHCO, NAFED, GCMMF and NCDC will contribute Rs 100 Crore each and the society will have an authorized share capital of Rs 2,000 Crore.

Its initial paid-up share capital is Rs 500 crore. Besides the promoters, the new body will have its members from primary to national level co-ops, said officials.

The Cooperative Export Society will provide institutional support for aggregation of exportable domestic surplus, working capital, logistics, technical know-how and training.

Some of its jobs would be to assess the International market demand and tap export potential of cooperative products/services. This will lead to Direct participation of cooperatives in the country’s exports.

It will also help in procurement, storage, processing, marketing, branding, labelling, packaging, certification, research and development etc. and trading of all types of goods and services produced by cooperatives.

The Ministry officials were confident that it will lead to an increase in exports of surplus goods & services produced by cooperatives and promote “Make in India” leading to Atmanirbhar Bharat. It will lead to more employment in the cooperative sector, they stated.

The Multi-state Cooperative Export Society will have support from all the relevant Ministries – Ministry of External Affairs, Ministry of Commerce and Industry. The society will help cooperatives actualize benefits of various export related schemes and policies of the Government of India.