IFFCO on Path of Sahkar Se Samriddhi, Ranked Number 1 Cooperative in Top 300 Cooperatives of the World
• World Cooperative Monitor reported IFFCO as number 1 on the ratio of turnover over the gross domestic product (GDP) per capita published by ICA
• IFFCO has also secured 1st Position among the top ten cooperatives of the world in the agriculture sector.
• As Number 1 Cooperative IFFCO is significantly contributing to the GDP & economic growth of the country
New Delhi, 2nd December 2022: The Indian Farmers Fertiliser Cooperative Limited (IFFCO) is ranked the Number 1 Cooperative among the top 300 cooperatives in the world. The ranking is based on the ratio of turnover over the gross domestic product (GDP) per capita. It signifies that IFFCO is contributing significantly to the GDP & economic growth of the Nation. IFFCO’s mark on the global cooperative movement is inspired by Hon’ble Prime Minister Shri Narendra Modi’s vision of “Sahkar Se Samriddhi” and under the able leadership of Sh. Amit Shah, Hon’ble 1st Minister of Cooperation, Govt. of India. 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). IFFCO with about its 36,000 member cooperatives is at the top of the biggest cooperative institutions in the world. Recently, IFFCO developed the World’s First Nano Fertiliser, IFFCO Nano Urea Liquid with an aim to reduce the use of chemical fertilizers and enhance crop productivity, a giant step towards Sustainable Agriculture. IFFCO’s Nano Urea was developed keeping in mind the Hon’ble PM’s initiative of ‘Atmanirbhar Bharat’ and ‘Atmanirbhar Krishi’ which will lead to an increase in farmers' income.
IFFCO has also secured 1st 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 over the gross domestic product (GDP) per capita as they did last year, two Indian producer cooperatives reach the first and second positions: The Indian Farmers Fertiliser Cooperative (IFFCO) and Gujarat Cooperative Milk Marketing Federation Limited. In third place is the French Groupe Crédit Agricole.
Dr. U S 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 realized the Sahkar Se Samriddhi vision of hon’ble Prime Minister, Sh. Narendra Modi. It’s an example of the able leadership of Sh. Amit Shah, Hon’ble 1st Minister of Cooperation, Govt. of India & guidance of Sh. Dileep Sanghani, Chairman, Board, Delegates, and IFFCO Employees made it possible. It’s a Proud & happy moment for the entire IFFCO family & Indian Cooperatives.
Sh. Dileep Sanghani, Chairman, IFFCO said that at IFFCO, we are always committed to 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 International Cooperative Arena.
In the Top 300 ranking based on turnover, on the podium are two financial and one commercial enterprise. As was the case last year, the first two positions belong to the French Groupe Crédit Agricole(88.97 Billion USD turnover in 2020) and the German co-op REWE Group (77.93 Billion USD turnover in 2020). Rising to third place is the Cooperative Financial Network Germany – BVR (58.02 Billion USD turnover in 2020). Most of the Top 300 enterprises are from the most industrialized countries such as the USA (71 enterprises), France (42 enterprises), Germany (31 enterprises) & Japan(22 enterprises).
About WCM. The World Cooperative Monitor 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. The World Cooperative Monitor (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.
About the International Cooperative Alliance. The International Cooperative Alliance (ICA) is the voice for cooperatives worldwide, representing more than 315 cooperative federations and organizations across 110 countries. The ICA 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, the International Cooperative Alliance is organized with four Regional Offices (Europe, Africa, Americas, and Asia-Pacific), and eight Sectoral Organisations (Banking, Agriculture, Fisheries, Insurance, Health, Housing, Consumer Cooperatives, and Service and Industry cooperatives). The International Cooperative Alliance is a non-profit international association established in 1895 to advance the cooperative social enterprise model.
About Euricse. EURICSE is a research institute based in Trento (Italy), whose mission is to promote knowledge development and innovation for the field of co-operatives, 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. Euricse’s 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.