There is good news for Amul and IFFCO as the Co-op Monitor ranking of this year has placed the two Indian co-operative giants at 2nd and 3rd place respectively in global ranking based on turnover over GDP Per Capita.
In the top 300 ranking list prepared for 2019 and released last week, Groupe Crédit Agricole of France remains number one with a business turnover of 96.25 billion USD, in the ranking based on USD turnover. Two from France, two from Germany and one from Japan grab the top 5 slots in this category (based on USD turnover).
But when it comes to the ratio of turnover over gross domestic product (GDP) per capita ranking, two Indian producer cooperatives have reached second and third positions: Gujarat Cooperative Milk Marketing Federation Limited, and IFFCO, according to the ICA press release.
“IFFCO has come down in the ranking compared to the last year but this is something to do with India’s economy than that of IFFCO” , explained an expert citing that the ratio of turnover over GDP is not intended to compute the contribution of each enterprise to the national GDP, but rather to relate the turnover of the enterprise to the wealth of the country in which it operates, as GDP per capita measures the purchasing power of an economy in an internationally comparable way.
The International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprises (Euricse) have last week presented the eighth annual World Cooperative Monitor report and put GCMMF popularly known as Amul at 2nd position and IFFCO at 3rd position.
In the top 300 ranking list based on turnover Groupe Crédit Agricole and Groupe BPCE, both from France, are in the first and second places respectively (no change from last year), and third is the German REWE Group.
While discussing SDG, the report also mentions the contribution of Kribhco-another co-op titan working out of India. The report says “Three cases in particular related to SDG 8 are explored in depth within the report: Up Groupe (France), KRIBHCO (India), and SOK (Finland).”
Congratulating IFFCO and Amul, ICA-AP Regional Director Balu Iyer said, “Congratulations to @Amul_Coop and @IFFCO_PR for second & third place in the World Cooperative Monitor Top 300 cooperatives and mutuals enterprises (CMEs) based on ratio of turnover over GDP per capita ranking. The Top 300 CMEs report a total turnover of over two trillion USD, he wrote on twitter.
The 2019 World Cooperative Monitor collected data for 4,575 organizations (1,152 from Europe, 3,218 from Americas, 197 from Asia-Pacific, and 8 from Africa) from 10 sectors of cooperative activities.
The top 300 cooperatives and mutuals report a total turnover of over two trillion USD (2,034.98 billion USD), based on 2017 financial data. This year’s results show an increased presence of the insurance sector in the Top 300: insurance accounts for 39%; agriculture 31.7%; wholesale and retail trade 17.7%; banking and financial services 7%; industry and utilities 1%; and health, education and social care 1%. There is also new data on employment and cooperative types, the release underlined.
The contribution to the SDGs and the importance of the World Cooperative Monitor was cited by UN Secretary-General António Guterres during the 74th session of the United Nations General Assembly, held in New York in September 2019.