National Export cooperative society

In News: Union Cabinet approves establishment of pan-India Export Co-operative Society

About

• The National Export cooperative society was approved by the Union Cabinet in 2023 to enhance the scale and volume of exports for cooperatives.
• The first few products that are expected to be exported by the Society are nano fertilisers produced by IFFCO and dairy products from Amul.
• National Cooperative Development Corporation (NCDC) together with leading cooperatives such as Indian Farmers Fertiliser Cooperative Limited (IFFCO), National Agricultural Cooperative Marketing Federation of India (NAFED) and Amul and will be the promoters of the Society and contribute ₹100 crore each
• The society will have an authorised share capital of ₹2,000 crore with the area of operation all over the country, and will have its registered office in Delhi.
• The Society will benefit small farmers or artisans who have a good product but do not have access to the right platform, giving them access to the international market and good returns.
• It will provide end-to-end services to the cooperatives, including opening foreign bank accounts, completing formalities and necessary permissions for exporting a product and instant dividends will be shared with the manufacturer without any brokerage fee.
• The Society will work as an export house for handicrafts, handlooms, khadi, and other products, ensuring the enhancement of income of the cooperative member entrepreneurs.

https://www.thehindu.com/news/national/national-export-co-operative-society-to-export-farm-non-farming-products-in-three-months/article66408776.ece