New Delhi, October 23: Amit Shah, the Minister of Cooperation, announced on Monday that the recently established National Cooperative for Exports Ltd (NCEL) has successfully secured orders totaling Rs 7,000 crore. Shah unveiled the new logo and website of NCEL in New Delhi and emphasized the cooperative’s commitment to ensuring that the benefits of exports reach member farmers of cooperatives. He revealed that about 50% of the export profit, exceeding the minimum support price, will be shared with these member farmers.
“Currently, NCEL is operating from a temporary office. We are in the process of staff recruitment. Thus far, NCEL has received orders worth Rs 7,000 crore,” the minister disclosed during a national symposium.
In addition to pursuing profits from exports, NCEL will play a pivotal role in guiding farmers in the production of goods for export markets. It will also distribute profits to the member farmers of cooperatives. NCEL will procure the commodities intended for export from member farmers at the minimum support price. About 50% of the total profit earned from exports by NCEL will be directly deposited into the bank accounts of these member farmers, as a supplementary benefit above the minimum support price.
At the symposium held at the Pusa complex in New Delhi, Amit Shah presented membership certificates to five NCEL members. Union Commerce Minister Piyush Goyal expressed his belief that the establishment of NCEL would give a substantial boost to exports, contributing to the country’s economic growth and rural transformation.
Goyal also underscored the potential for the cooperative sector to tap into the export market, especially with the increasing global interest in India. He stressed the importance of cooperatives focusing on the production of high-quality export products that comply with international standards.
The event was attended by Minister of State for Cooperation B L Verma, Cooperation Secretary Gyanesh Kumar, and NCEL Chief Pankaj Kumar Bansal.
NCEL, registered under the Multi-State Co-operative Societies Act on January 25 of this year, boasts an authorized share capital of Rs 2,000 crore. Cooperative societies from the primary to apex levels that are interested in exports are eligible for membership. The primary goal of NCEL is to harness the surplus available in the Indian cooperative sector and access broader international markets.
With approximately 8 lakh cooperative societies in the country and over 29 crore members, NCEL’s initiative is expected to have a significant impact on India’s export landscape.
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