Reacting to the news of IFFCO securing a place of pride among top 300 co-ops in the world, Dr. U.S Awasthi, MD of IFFCO said, “We are elated that the World Cooperative Monitor has ranked us on the top amongst some of the biggest cooperatives in the world. “
Talking to Indian Cooperative on phone, MD said “We are dedicated and committed for Indian Cooperative movement and happy to see that IFFCO is effectively carrying it to world level. This is recognition of our employees’ commitment too”.
It may not be out of place to mention here that Indian Cooperative was the first news portal to break the news perhaps even when some of the top guns of IFFCO were fast asleep, unaware of the development. The news was published by ICA in the small hours of Wednesday morning (Indian Time)
When this correspondent asked Awasthi about factors behind IFFCO’s growth and subsequent global recognition, MD said “This achievement was made possible due to the inclusive business model of IFFCO, our transparent and democratic decision making processes, the support of our Board of Directors, cooperators, our employees and moreover the faith of millions of Indian farmers in our organization and in our products & services.”
Reacting to a question that IFFCO has reached where few from India have in the past and that too without any govt support Dr Awasthi said” co-operatives have to be member-driven; we always had the best wishes of the govt.”
He also thanked the Prime Minister Mr Narendra Modi for his continuous support towards the growth and development of the cooperative movement in India. “During the Golden Jubilee year 2017 the Hon’ble PM applauded the efforts of IFFCO in contributing to vision of the Prime Minister of doubling the income of Indian farmers by 2022”, he added.
Answering a question on the message emanating for other co-operatives in this success story of IFFCO, MD said professional management and adoption of IT-enabled technology are a must for co-ops to grow.
Earlier, Wednesday morning cooperative sector of India was pleasantly surprised to open eyes with the news of IFFCO making it to the top of 300 cooperatives in the world in the category of Agriculture and food processing.
The 7th edition of the report titled ‘World Cooperative Monitor 2018’ has named IFFCO as the number one cooperative in the world based on the ratio of turnover over gross domestic product (GDP) per capita. The Report reads “In the Top 300 based on the ratio of turnover over gross domestic product (GDP) per capita ranking*, reintroduced this year, IFFCO from India holds the top position.”
IFFCO has retained this position from 2016. With nearly 36,000 member cooperatives and a turnover of nearly $3 billion (FY 2017-18) IFFCO is amongst the biggest cooperative institutions in the world today. The report also ranks IFFCO at the pole position amongst the top 20 cooperatives in the world in the Agriculture and food industries sector (based on the ratio of turnover over gross domestic product (GDP) per capita) , reads a press release mailed by IFFCO.