IFFCO Ranks First Among top 300 Cooperatives of the World

Indian Farmers Fertiliser Cooperative Limited (IFFCO) ranked 65th in the overall turnover ranking from 125th in the last financial year and is in the leading position among the world’s 300 leading cooperatives, according to an official release.

The ranking is measured on the ratio of the company turnover over the gross domestic product (GDP) per capita.

IFFCO said, “This indicates that the IFFCO is making an enormous contribution to the nation’s GDP and economic growth. According to the 2020 edition of the 9th Annual World Cooperative Monitor (WCM) report published by the International Cooperative Alliance, this refers the company’s turnover to the country’s wealth (ICA).”

With >36,000 member cooperatives and a turnover of ~ US$ 7 billion in the group, IFFCO is amongst the biggest cooperative institutions in the world.

Dr. U S Awasthi, MD, IFFCO stated that this achievement is a proud moment for IFFCO and cooperative.

He said, “This is a massive success in the Indian cooperative movement for all of us. At IFFCO, we are always dedicated to the advancement and strengthening of the Indian Cooperative movement of farmers throughout the world. We believe in imagination as it is the gateway to achievement. I congratulate everyone at IFFCO and the nation’s entire cooperative fraternity on this significant accomplishment.”

In an international webinar on Thursday, the International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprises (Euricse) launched the 2020 edition of the World Cooperative Monitor.

The 9th annual report has discussed the economic and social effects of the world’s largest cooperatives and mutuals, includes a ranking of the Top 300, a ranking of the sector and an overview of the approaches to the latest global challenges: COVID-19 and climate change.

Source: IBEF