IFFCO ranks first among top 300 cooperatives of the world
The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has stepped up to 65th position in overall turnover ranking from 125th position in last financial year and now is at the top spot among 300 leading cooperatives in the world, according to an official release.
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 and economic growth of the Nation. It relates the turnover of the enterprise to the wealth of the country according to the 2020 edition of the 9th Annual World Cooperative Monitor (WCM) report published by International Cooperative Alliance (ICA)," IFFCO said.
IFFCO with more than 36,000 member cooperatives and a group turnover of nearly 7 billion dollars, it is amongst the biggest cooperative institutions in the world, it said.
Dr U S Awasthi, MD, IFFCO said it is a proud moment for IFFCO and cooperative as well.
"A great achievement for all of us in the Indian cooperative movement. At IFFCO, we are always committed to the growth of farmers across the country and strengthening the Indian Cooperative movement. We believe in innovation as it is the key to success. I congratulate everyone at IFFCO and the entire cooperative fraternity of the country for this big achievement," he said.
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 during an international webinar on Thursday.
The report is the 9th annual one 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: Covid and climate change.
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