Export body to share 50% profit with farmers: Amit Shah

Cooperation Minister Amit Shah on Monday said the newly established National Cooperative for Exports Ltd (NCEL) has bagged orders worth Rs 7,000 crore so far and the export body will share at least 50 per cent profit with member farmers over and above the support price.

NCEL, which was established on January 25, is negotiating orders worth Rs 15,000 crore, he said after launching a logo, website and brochure of the cooperative export body.

NCEL will help cooperative societies tap the global export market and handhold them to produce and manufacture products that comply with international standards, he added.

There are about 8 lakh cooperative societies in the country with over 29 crore members.

“Currently, NCEL is operating from a temporary office. We are recruiting staffers. So far, we (NCEL) have received orders of Rs 7,000 crore and negotiating orders worth Rs 15,000 crore,” Shah said while addressing a national symposium here.

NCEL will purchase commodities to be exported from member farmers of cooperatives at a minimum support price (MSP), the Union minister said.

The NCEL earns at least 50 per cent of the total profit and it will be transferred directly into the bank accounts of member farmers, he said, adding that the profit will be over and above the MSP.

“Be it wheat, sugar or milk products, farmers do not get anything at present. NCEL will share at least 50 per cent of the profit with farmers,” he said.