Sunday, Dec 3 2023 | Time 23:57 Hrs(IST)
Business Economy

NAFED holds 66th AGM, eyes Rs 1L cr turnover in 7 yrs

New Delhi, Sep 22 (UNI) National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) earned a net profit of Rs 264.51 crore in the financial year 2022-23 registering remarkable performance, the Federation Chairman Bijender Singh said at its annual general meeting (AGM) here on Friday.
In view of the exceptional performance of the Federation in recent years, the Board of Directors announced a dividend of 15% to the member Federations/Societies.
NAFED chief noted that Prime Minister Narendra Modi has been playing a crucial role in the revival of federation by placing his trust in the abilities and competence of the Federation. He also expressed his appreciation for the efforts of Union Minister of Home and Cooperation Amit Shah in bringing concrete changes in the cooperative sector in a short span of time.
In his keynote address, NAFED Managing Director Ritesh Chauhan shared that Union Minister of Home and Cooperation’s visit to NAFED in August this year inspired the Federation and encouraged it to expand its agricultural marketing activities and achieve a turnover of Rs 1 lakh crore in the next 7 years while reducing imports of pulses.
Sharing a brief report on the business performance of NAFED, Chauhan informed that during FY 2022-23 NAFED achieved a turnover of Rs 21,404.58 crore with an operational profit of Rs 437.64 crore and a net profit of Rs 264.51 crore.
As many as 558 delegates representing various Member societies and state federations, such as RAJFED, MARKFED-Punjab, BISCOMAUN-Bihar, BUNKUS, Delhi State Co-op Federation, and Ahilya Co-operative Society Federation joined the AGM held in New Delhi.
"NAFED will continue to strive to work for the betterment of farmers across the nation by providing them with remunerative prices and a ready market for their produce and other services," said a media release from the Federation.
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