NAFED Achieves Record Profit, Launches New Initiatives at 67th AGM
NAFED achieved a turnover of Rs. 26,520.34 crore and a net profit of Rs. 492.38 crore. This is the highest profit that the federation has earned since its inception.
The National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) held its 67th Annual General Meeting (AGM) at the NCUI Auditorium, New Delhi. The event saw participation from over 600 delegates, representing member societies and state federations, as NAFED celebrated a year of record achievements and groundbreaking initiatives.
In his welcome address, Ritesh Chauhan, IAS, Managing Director of NAFED, highlighted the Federation's outstanding financial performance during the 2023-24 fiscal year. NAFED achieved a turnover of Rs. 26,520.34 crore and a net profit of Rs. 492.38 crore. This is the highest profit that the federation has earned since its inception. He attributed this success to the unwavering support of the Union Minister of Home and Cooperation, Amit Shah, whose visit to NAFED inspired the federation to expand its agricultural marketing activities.
Ritesh Chauhan further highlighted the efforts of NAFED in introducing the e-Samridhi portal, a digital platform aimed at enhancing the welfare of farmers. Launched in January 2024, the portal has registered approximately 17.5 lakh farmers, with more joining daily. The Managing Director encouraged all members of the federation to continue providing their support so that NAFED keeps on achieving greater heights.
NAFED Chairman Jethabhai Ahir thanked Prime Minister Narendra Modi for creating a separate ministry dedicated to the cooperative sector. He applauded the leadership of Union Home and Cooperation Minister, Amit Shah, under whose guidance the Ministry of Cooperation has achieved significant milestones, including transforming Primary Agricultural Credit Societies (PACS) into multipurpose units handling agricultural procurement, dairy, fish farming, Fertilizer Distribution, and more.
NAFED Chairman announced a 15 percent dividend for member federations and societies, recognizing the federation's exceptional performance. He also expressed his appreciation for the Hon’ble Union Minister of Agriculture and Farmers Welfare, Shivraj Singh Chauhan, Union Minister of Consumer Affairs, Prahlad Joshi, State Governments and all agencies with whose guidance and cooperation NAFED could serve the farmers by implementing various schemes. One such initiative is the launch of Bharat Brand Products under the Open Market Sale Scheme (OMSS), an initiative by the Ministry of Consumer Affairs to provide affordable prices to consumers and a reliable market for farmer’s produce.
During the AGM, outstanding NAFED branches and member societies were felicitated for their exemplary performance in the 2023-24 fiscal year. Delegates from across the country were invited to share their insights and suggestions for improving farmers’ welfare.
Tarlok Singh, Vice Chairman of NAFED, concluded the AGM with a vote of thanks, recognizing the collective efforts and dedication of the NAFED team. NAFED reaffirmed its commitment to working for the betterment of farmers across India by providing them with remunerative prices and a ready market for their produce and other services.
