Union Cooperation Minister Amit Shah on Monday said the National Cooperative for Exports Ltd (NCEL), an umbrella body for cooperative sector exports established on January 25, has received orders worth Rs 7,000 crore.
After launching the new logo and website of NCEL, Shah said, "Currently, NCEL is operating from a temporary office. We are recruiting staff. So far, we (NCEL) have received orders worth Rs 7,000 crore...”
What is NCEL?
NCEL was registered under the Multi-State Co-operative Societies Act on January 25. With an authorised share capital of Rs 2,000 crore, NCEL will export the surplus available in the Indian cooperative sector to global markets. The country has about eight lakh primary to apex-level cooperative societies with more than 29 crore members and if these groups are interested in exports, they can get an NCEL membership.
How will NCEL benefit member farmers?
While distributing membership certificates to five NCEL members at a national symposium in New Delhi, Shah said NCEL will ensure that export benefits reach member farmers of cooperatives, adding that 50 per cent of the profit over and above the minimum support price will be shared with them.
He said the cooperative will also help member farmers manufacture commodities for the export market and buy the products at minimum support price. NCEL will transfer 50 per cent of the total profit – over and above the minimum support price – directly into the bank accounts of member farmers.
Union Commerce Minister Piyush Goyal. Minister of State for Cooperation Minister B.L. Verma, Cooperation Secretary Gyanesh Kumar and NCEL chief Pankaj Kumar Bansal also attended the event.
