IFFCO ranked No. 1 in top 300 cooperatives of world
The World Cooperative Monitor report published by ICA has reported IFFCO as number 1 on the basis of the ratio of turnover to GDP per capita. IFFCO has also secured the first position among the top ten cooperatives of the world in the agriculture sector. This signifies that IFFCO is contributing significantly to the GDP and the economic growth of the nation.
The Indian Farmers Fertiliser Cooperative Limited (IFFCO) is ranked the No. 1 cooperative among the top 300 cooperatives in the world. The ranking is based on the ratio of turnover to gross domestic product (GDP) per capita. It signifies that IFFCO is contributing significantly to the GDP and the economic growth of the nation.
IFFCO’s mark on the global cooperative movement is inspired by Prime Minister (PM) Narendra Modi’s vision of Sahkar se Samriddhi (Prosperity Through Cooperation) and under the leadership of Amit Shah, Union Minister of Cooperation. It relates the turnover of the enterprise to the wealth of the country, according to the 2022 edition of the 11th Annual World Cooperative Monitor (WCM) report published by the International Cooperative Alliance (ICA).
With about its 36,000 member cooperatives, IFFCO is at the top amongst the biggest cooperative institutions in the world. Recently, it developed the world’s first nano fertilizer, IFFCO Nano Urea Liquid, with an aim to reduce the use of chemical fertilizer and enhance crop productivity, a giant step towards Sustainable Agriculture. IFFCO’s Nano Urea was developed keeping in mind the PM’s initiative of Atmanirbhar Bharat and Atmanirbhar Krishi, which will lead to an increase in farmers’ income.
IFFCO has also secured the first position among the top ten cooperatives of the world in the agriculture sector. The International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprises (Euricse) launched the 2022 edition of the World Cooperative Monitor during an international webinar yesterday. The report is the 10th in a row and explores the economic and social impact of the largest cooperatives and mutual worldwide, providing a ranking of the Top 300, sector rankings, and an analysis of responses to the current global challenges.
In the Top 300 ranking based on the ratio of turnover to GDP per capita, two Indian producer cooperatives have reached the first and second positions: IFFCO and Gujarat Cooperative Milk Marketing Federation Limited (GCMMF). In third place is the French Groupe Crédit Agricole.
Dr US Awasthi, Managing Director, IFFCO said, “It is a proud moment for IFFCO and cooperative brotherhood as well. A great achievement for all of us in (the) Indian cooperative movement.” He further said that IFFCO was realizing the Sahkar Se Samriddhi vision of PM Narendra Modi. He cited it as an example of the able leadership of Amit Shah. The guidance of Dileep Sanghani, Chairman, board, delegates and IFFCO employees made it possible, Awasthi said. “It’s a proud & happy moment for (the) entire IFFCO family & Indian Cooperatives.”
Dileep Sanghani, Chairman, IFFCO said that at IFFCO, “we are always committed towards the growth and development of farmers across the country and strengthening the Indian cooperative movement to the remotest level of the country. We believe in innovation and digitization as it is the key to success. I congratulate everyone at IFFCO and (the) entire cooperative fraternity of the country for this yet another achievement.” IFFCO has done India proud for last so many years in the international cooperative arena.
In the Top 300 ranking based on turnover, two financial enterprises and one commercial enterprise are on the podium. As was the case last year, the first two positions belong to the French Groupe Crédit Agricole ($88.97bn in 2020) and the German cooperative REWE Group ($77.93bn in 2020). Rising to third place is the Cooperative Financial Network Germany – BVR ($58.02bn in 2020). Most of the Top 300 enterprises are from the most industrialized countries such as the USA (71 enterprises), France (42), Germany (31) and Japan (22).
The WCM report is a project designed to collect robust economic, organizational, and social data about cooperatives worldwide. It is published each year to report on key economic and employment data of the Top 300 cooperatives and mutuals in the world. WCM collects robust economic, organizational, and social data about cooperatives worldwide. It is the only report of its kind collecting annual quantitative data on the global cooperative movement. This latest edition will mark the report’s move into its second decade of reporting on economic and social impact and presents a deeper dive into digitalization and cooperative identity.
ICA is the voice for cooperatives worldwide, representing more than 315 cooperative federations and organizations across 110 countries. It works with global and regional governments and organizations to create legislative environments that allow cooperatives to form and grow. Operating from a global office in Brussels, Belgium, ICA Alliance is organized with four Regional Offices (Europe, Africa, Americas and Asia-Pacific) and eight sectoral organizations (Banking, Agriculture, Fisheries, Insurance, Health, Housing, Consumer cooperatives, and Service and industry cooperatives). ICA is a non-profit international association established in 1895 to advance the cooperative social enterprise model.
Euricse is a research institute based in Trento (Italy) whose mission is to promote knowledge development and innovation for the field of cooperatives, social enterprises and other non-profit organizations engaged in the production of goods and services, and to deepen the understanding of these types of organizations and their impact on economic and social development. Its activities aim to reduce the fragmentation in the research on cooperative and social enterprises and to enhance the visibility of this sector in the scientific and political debate.