IFFCO Ranked Number One in the World
NEW DELHI, Oct 30: The Indian Farmers Fertiliser Cooperative Limited (IFFCO), the largest fertiliser Cooperative in India, has been No.1 amongst the top 300 Cooperatives from around the world by Turnover on GDP per capita. The ranking was published in a report titled ’2014 World Cooperative Monitor’.
IFFCO has the highest turnover on GDP per capita amongst the 1926 co-operatives from 65 countries that were surveyed for the report. IFFCO also stood first amongst the 523 cooperatives from 30 counties that were surveyed for the Agriculture and Food Industries sector.
With a turnover that stood at 4.65 billion USD in 2012 IFFCO jumped from the 116th position last year to 110th position in 2014 in the overall ranking list that was compiled on the basis of turnover (in 2012). It was also ranked 27th amongst the top 30 cooperatives in the Agriculture and Food Industries sector that was compiled with the same criteria. IFFCO is also the only cooperative from India to be featured amongst the top 300 cooperatives in this sector. Recently, IFFCO displayed its strength in international cooperatives arena when it won a seat on the global board of ICA after a long hiatus.
On hearing the news, Dr U. S Awasthi, Managing Director of IFFCO, said that this is one of the best laurels we could give to our countrymen during the time of celebrations of cooperative week in the month of November. He further added that it was the result of the noble efforts of the IFFCO employees who tirelessly work towards the goal of getting fertiliser at the best possible prices to the Indian farmer. IFFCO will continue to work towards the betterment of the cooperatives and the Indian farmers. We have demonstrated to the world that the cooperatives are not only inclusive but also sustainable and democratic way of conducting business in this day and age.
IFFCO Chairman B S Nakai lauded the efforts of Dr Awasthi and the entire team of IFFCO for this success. He further said that IFFCO has seen a sharp rise in production, energy saving, turnover and profit since Dr. Awasthi took over as the Managing Director and hoped that this will continue in the coming years.
The world cooperative monitor is a partnership between the International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprise (Euricse). The report collects available economic and social data on the world’s co-operative enterprises in efforts to demonstrate the global existence and viability of this model as an alternative to the traditionally dominant for-profit stakeholder model. The 2014 edition presents results of data analysis on the largest co-operatives around the world using 2012 data. The data was collected on the basis of a questionnaire and features 1926 co-operatives from 65 countries with a combined turnover of 2,623.1 billion USD.
Union Ministers Congratulate IFFCO for becoming World’s Numero Uno Cooperative
NEW DELHI, Nov 28: Union Minister for Chemicals and Fertilizers Ananth Kumar and Union Agriculture Minister Radha Mohan Singh have congratulated IFFCO for attaining the status of numero uno in the world.
In a letter to IFFCO Managing Director, Dr U S Awasthi, Minister Ananth Kumar said the whole nation is proud of IFFCO and your contribution to the cooperative sector which has played a vital role for the development of the agriculture and related industry which constitutes a substantial portion of the Indian Populace.
Ananth Kumar said “your dedication and devotion in this direction is exemplary and I hope that your effort will further strengthen the co-operative movement and also steer the organization to further heights in days to come.”
In his letter to the IFFCO Managing Director, Minister Radha Mohan Singh said “the entire nation is proud of IFFCO which has played an important role for a vast majority of people.
You have played crucial role in the field of agriculture and related fields”.
While praising Dr Awasthi, Minister Radha Mohan Singh said “your efforts and dedication have been admirable. I am sure that with your efforts IFFCO would strengthen the cooperative movement in the country and would establish new records of excellence.
Defaulting large borrowers are like freeloaders: Raghuram Rajan
ANAND: Accusing some large borrowers of enjoying "riskless capitalism", RBI Governor Raghuram Rajan today said such entities were responsible for making banks' credit profile unhealthy and these big clients were in effect becoming 'freeloaders' in the banking system.
Rajan also said it is the taxpayers and honest borrowers who end up paying the price for losses suffered by state-run banks due to bad loans given to a few big borrowers.
A large borrower, whose loan has turned bad, should not be "lionised as a captain of industry, but justly chastised as a freeloader on the hardworking people of this country," the RBI Governor said.
The comments come in the backdrop of many public sector banks facing huge amounts of bad loans, mostly given to some big corporates while recovery process has been hanging fire in many such cases for months together.
Asserting that he is not against risk-taking, Rajan said in cases of any stress, the promoter threatens to run an enterprise to the ground, asking the government, banks and regulators to make necessary concessions to keep it afloat.
"We have to ask if our system of credit is healthy. Unfortunately, the answer is that it is not. The sanctity of the debt contract has been continuously eroded in recent years, not by the small borrower, but by the large borrower," Rajan said while delivering the third Verghese Kurien lecture at Institute of Rural Management here.
In scathing remarks on the misuse of the system by the large borrowers, Rajan, who has earlier written a book titled 'Saving Capitalism from the Capitalists', said taxpayers and honest borrowers end up paying the price due to the excesses committed by large borrowers by way of losses to state-run banks and high pricing of loans.
"If the enterprise regains health, the promoter retains all the upside, forgetting the help he got from the government or the banks--after all, banks should be happy they got some of their money back!
"What I am warning against is the uneven sharing of risks and returns in enterprise, against all contractual norms established the world over-where promoters have a class of 'super' equity which retains all the upside in good times and very little of the downside in bad times," the academic-turned-central banker said.
Among various cases, the Rs 7,000-crore debt of Kingfisher Airlines has gone bad and total NPAs in the banking system coupled with restructured loans have crossed 10.4 per cent mark in the first half of this fiscal.
Rajan acknowledged that there is a growing restlessness in the society about such reckless behaviour of corporates.
On public perception that big borrowers are getting away due to "sweet deals" between the promoters and the bankers, Rajan sought to defend the lenders, saying they are rendered "helpless" while dealing with a large and influential promoter having many resources at command.
"The promoter enjoys riskless capitalism...When some businessmen enjoy a privileged existence, risking other people's money but never their own, the public and their representatives get angry," Rajan said.
Prez Pranab Mukherjee confers Indira Gandhi Rajbhasha Puraskar on Canara Bank
NEW DELHI, Nov 15: Mr V S Krishnakumar, Executive Director, Canara Bank, received first Prize for Best implementation of Official Language policy of Government Of India in the Bank in “C” region for the year 2013-14 under Indira Gandhi Rajbhasha Puraskar Yojana from the President, Mr Pranab Mukherji, at a glittering function here on Saturday. He also received Ist prize for Town Official Language Committee (Banks), Bangalore. Canara Bank is convener for TOLIC (Banks), Bangalore.
Mrs Sulekha Mohan, Member-Secretary (TOLIC) and Deputy General Manager (OL), HR
Wing received Certificate of Merit from the President of India on the occasion.
Mr Rajnath Singh, Union Home Minister, was present on the occasion along with Mrs Nita Choudhury, Secretary, Department of Offical Language, Ministry of Home Affairs.
Mr C P Giri, General Manager, HR Wing, Head Office, Bangalore and Mr Hemant Kumar Tamta, General Manager, Circle Office, New Delhi were also present.
TAPI Pipeline Company incorporated by member countries
By Deepak Arora
NEW DELHI, Nov 13: GAIL (India) Limited, India’s leading natural gas company, along with state gas companies of Turkmenistan, Afghanistan and Pakistan have established a company that will build, own and operate the planned 1,800-kilometer Turkmenistan-Afghanistan-Pakistan-India (TAPI) natural gas pipeline.
State Concern “Turkmengas”, Afghan Gas Enterprise, Inter State Gas Systems (Private) Limited and GAIL will own equal shares of the company, TAPI Pipeline Company Limited (TPCL).
The company has been incorporated as a Special Purpose Vehicle in the Isle of Man, a British Crown dependency, located in the Irish Sea. This SPV would be responsible for finance, design, construction, operation and maintenance of the TAPI pipeline.
ADB was appointed the transaction advisor for the TAPI gas pipeline project in November 2013. In that role, ADB advised on the establishment of the TAPI pipeline company as an integral part of the larger goal of identifying and selecting a consortium leader to spearhead the construction and operation of the pipeline. When selected, the consortium leader will be expected to take a substantial stake in the company.
The TAPI pipeline will export up to 33 billion cubic meters of natural gas a year from Turkmenistan to Afghanistan, Pakistan, and India over 30 years. Turkmenistan has the world’s fourth-largest proven gas reserves, and the pipeline will allow the landlocked country to diversify its gas export markets to the southeast. Turkmen gas in turn will provide a key new source of fuel for Afghanistan, Pakistan, and India.
India is pursuing the Turkmenistan – Afghanistan – Pakistan – India (TAPI) Pipeline project to receive Natural Gas supply from the Yolotan Osman (Galkynysh) fields in Turkmenistan. The 1800 kms of pipeline will carry 90 MMSCMD of natural gas, of which India and Pakistan will receive 38 MMSCMD each and Afghanistan’s share is 14 MMSCMD. Currently, Afghanistan has indicated that it will be taking volumes of the tune of 1.5 – 4 MMSCMD. Volumes not taken by Afghanistan can be equally shared between India and Pakistan. The landfall point of the pipeline in India will be at Fazilka (Punjab).
R&D important for success of 'Make in India' campaign: Kalraj Mishra
NEW DELHI, Nov 12: "Innovation and research will play an important part in making 'make In India' campaign launched by Prime Minister Narendra Modi a success," said Kalraj Mishra, Minister of Micro, Small and Medium Enterprises, Government of India, while inaugurating the Global R and D summit 2014 here on Wednesday. He said that innovation and research was necessary to produce goods with zero defect and zero effect on environment.
The Minister stated that we have to make full use of our young talent and capability for innovation by our scientific talent through interdisciplinary research and next generation innovations. He said that Government has taken number of steps in this direction.
The two-day conference is being organised by Federation of Indian Chambers of Commerce and Industry (FICCI) in partnership with the Department of Science and Technology, Government of India, the summit saw a large gathering of world thought leaders, innovators, government and industry representatives.
The theme of the integrated conference and exhibition is – ‘Next Gen Innovations Through Interdisciplinary Research’.
The emphasis of the panel discussion sessions during the summit will be on Creating Innovation-Driven Knowledge Economy, Accessible Healthcare, Design Concepts for Future Cities, Enabling the “Swachch Bharat” initiative through innovative technologies and collaborative research, Synchronising Indian R&D with Global Requirements, Building a sustainable innovative environment for Healthcare & Pharma and Maneuvering through a complex maze of technology commercialization.
An exhibition will also be held as part of the summit highlighting innovations in various sectors under discussion.
The event aims to be a magnanimous milieu of experts from public and private research institutions, academia, industry and international agencies that constitutes the global R&D ecosystem. It will also render a high level networking ground for people to connect, collaborate and create new partnerships, refresh existing ones and showcase some of their demonstrated success stories in R&D.
The winners of the first FICCI R&D Awards were honored with a trophy and a cash award of Rs. 5 Lakh each. The FICCI R&D Awards is an effort towards recognizing the best of Indian innovative spirit to bring state-of-the-art product and services to the market through indigenous research and development activity.
The conference will have prominent exhibitors from organizations DRDO, Biotechnology Industry Research Assistance Council (BIRAC), Council of Scientific & Industrial Research (CSIR), Department of Atomic Energy (DAE), Department of Biotechnology (DBT), GE India Technology Centre Pvt. Ltd, Indian Institute of Technology Bombay (IIT Bombay), Indian Oil R&D, Indo-Korea Science and Technology Center, Reliance Industries Limited and Agrinnovate India Limited (A Govt. of India Enterprise).