Cooperative export body NCEL gets ₹7,000 crore orders so far, to share profit with member farmers: Amit Shah
The Hindu
Cooperation Minister Amit Shah announced that the newly established National Cooperative for Exports Ltd. (NCEL) has bagged orders of ₹7,000 crore.
Cooperation Minister Amit Mr. Shah on October 23 said the newly established National Cooperative for Exports Ltd. (NCEL) has bagged orders of ₹7,000 crore so far.
Mr. Shah, who launched the new logo and website of NCEL in New Delhi, said the cooperative will ensure that benefits of exports reach member farmers of cooperatives and will share with them about 50% of the export profit over and above the minimum support price.
“Currently, NCEL is operating from a temporary office. We are recruiting staff. So far, we [NCEL] have received orders worth ₹7,000 crore...,” the Minister said addressing a national symposium.
NCEL will not only focus on making profits from exports but also handhold farmers to manufacture products for the export market. It will also share profit with the member farmers of cooperatives, he said.
NCEL will purchase the commodities to be exported from member farmers at the MSP. Out of the total profit the NCEL earns from the exports, about 50% of it will be transferred directly into the bank accounts of member farmers. The profit will be over and above the MSP, he said.
Mr. Shah also distributed membership certificates to five NCEL members at the symposium being organised at the Pusa complex in New Delhi.
Speaking on the occasion, Union Commerce Minister Piyush Goyal said the creation of NCEL will give a fillip to exports and contribute to the country’s growth and rural transformation.