The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has once again claimed the no. 1 position, the prestigious title of being the leading cooperative among the top 300 cooperatives worldwide, maintaining its position from the previous year. This ranking is determined by the ratio of turnover to gross domestic product (GDP) per capita.
This acknowledgment underscores IFFCO’s substantial contribution to the nation’s GDP and economic growth, aligning its turnover with the country’s wealth, as highlighted in the 2023 edition of the 12th Annual World Cooperative Monitor (WCM) report published by the International Cooperative Alliance (ICA).
Notably, IFFCO has ascended to the 72nd position in the overall turnover ranking, marking an improvement from its 97th position in the previous fiscal year. With 35,500 member cooperative societies, 25,000 PACS, and 52,400 PMKSK centers, IFFCO continues to champion the ‘Atmanirbhar Bharat’ and ‘Atmanirbhar Krishi’ initiatives, embodying prosperity through cooperative endeavors.
Maintaining its consistent No. 1 rank over the years underscores IFFCO’s steadfast commitment to cooperative principles, reflecting a robust cooperative movement in the country. This success is also indicative of the thriving cooperative landscape fostered by the dedicated Union Cooperation Ministry, under the leadership of Shri Amit Shah, Minister of Home & Cooperation, Government of India.
In alignment with the vision of ‘Sahkar Se Samriddhi’ inspired by the Hon’ble PM, IFFCO’s years of diligent work, research, and experimentation have led to groundbreaking innovations such as the world’s first nanourea and nanodAP for farmers.
Maintaining its leadership position, Dr. Uday Shankar Awasthi, Managing Director of IFFCO, expressed pride in the achievement, emphasizing IFFCO’s commitment to increasing farmers’ income, fostering wholesome growth, and fortifying the cooperative movement. He commended the entire IFFCO team and the cooperative community for their significant contribution.
The report’s recognition of IFFCO underscores the collective commitment of Indian cooperatives towards the mission of ‘Atmanirbhar Bharat’ and ‘Atmanirbhar Krishi,’ aligning with the ‘Make in India’ initiative. Driven by Prime Minister Narendra Modi’s vision of ‘Sahkar se Samridhi,’ IFFCO continues to innovate with nanotechnology-based solutions like IFFCO Nano Urea Liquid and Nano DAP Liquid, potentially revolutionizing agriculture practices.
Guided by the Union Ministry of Cooperation led by Hon’ble Home Minister Shri Amit Shah, IFFCO remains at the forefront of efforts to transform the agricultural landscape. Embracing the vision of Agriculture 2.0, IFFCO invests in groundbreaking agrotechnology, including nanotechnology-based fertilizers, Agri-drones promotion, rural e-commerce, digital enablement, and IoT, aiming to be a pioneer in modern Indian agriculture that resonates with innovators and progressive rural entrepreneurs.
World Cooperative Monitor
The World Cooperative Monitor (WCM) is a project designed to collect 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. The publication reports on the world’s largest cooperatives and mutuals, or groups of cooperatives and mutuals, including rankings of the Top 300 and sectoral analysis.
As per the report, the 2023 issue of the World Cooperative Monitor report, launched in January, 2024, explores the economic and social impact of the largest cooperatives and mutuals worldwide, providing rankings of the Top 300, sector rankings, and employment data.
Produced by the International Cooperative Alliance and Euricse, the 12th report also contains a focus on benefits to members and the way they communicate their cooperative identity and advantage. 2023 marks the 12th edition of this annual research report.
The thematic chapter was developed in collaboration with the International Cooperative Entrepreneurship Think Tank (ICETT) and is the start to a deeper look the group will take into the benefits of membership.
