The 45th AGM of the largest cooperative of the country IFFCO was held with uncommon elan on Wednesday at the NCUI Headquarters in Delhi. The climax of the event was the announcement made by its MD Dr U S Awasthi of the decision to slash the rate of fertilizer by Rs 1000 per ton embracing in effect the concept of reduced profits.
We have done many things for the member societies but let us do something directly for farmers, Awasthi said in preparation to the announcement. In an atmosphere charged with a frisson of excitement Dr. Awasthi called upon all the Directors of the cooperative giant to come and stand close to him when he makes the announcement. He also sought support of delegates in achieving this goal.
Please pass each pai of relief to the farmers, he urged hundreds of representatives of member cooperative societies who had come to participate in the AGM. The dramatic event had its impact as the assembly broke into thunderous applause as soon as the MD made the announcement. Awasthi stressed the fact that the rates would go down with immediate effect.
MD said DAP fertilizer per bag would cost Rs 50 less now. Di-ammonia phosphate (DAP) is the most widely used fertiliser after urea. The price of NPK fertilisers would also be reduced by the same amount.
Proceedings of the AGM were conducted under the spell of the upcoming Golden Jubilee celebrations. IFFCO MD said plans to go to each and every member co-op society before November have been worked out and it would climax with a mega show in November 2017 when IFFCO celebrates 50 years of existence.
“It is a matter of pride for any organization to complete 50 years. And we have completed this period with a history of remarkable achievements. You have a glorious past to be proud of”, said Awasthi amidst clapping.
But he lamented the backlog of subsidy with the government. Of the Rs 45,356 crore of pending subsidies with the govt, a whopping Rs 9,346crore belongs to IFFCO, MD said quoting government sources. We have to take loan from the banks which eat up a big part of our profits. Your pre-tax profit would have been Rs 1500 crore otherwise, he said
“Our Joint MD who is the leader of fertilizer industry in the country led a delegation to the Prime Minister demanding DBT in fertilizer. Worry not as DBT would prove to be a boon for all of you; you would not be required to crawl or cringe before anyone once DBT starts”, he assured the assembled cooperators.
In the middle of his speech MD welcomed Japanese representative of IFFCO-MC who spoke of the brand value of IFFCO in India and Mitsubishi in Japan.
In his remarks the IFFCO MD listed several new initiatives begun by the fertilizer cooperative. In this connection he drew a comparison between the bio-fertilizer schemes launched by the govt and IFFCO. “For the starting two years we plan to give it free to farmers and would collect their feed back before pricing it”, Awasthi added.
IFFCO MD also mentioned e-bazar- a new initiative on the occasion.
Earlier Joint MD Rakesh Kapur read the notice of the meeting and B S Naki made his presidential speech. MD presented the agenda before the General Body for approval which was passed unanimously by delegates.
Delegates from various states felicitated the Chairman, MD and others with shawl and flower bouquet one after another. Later they also made some suggestions.
Tarun Bhargava anchored the proceedings with grace and sophistication while Vice-Chairman N P Patel proposed a vote of thanks.
