Agriculture Sector Current Affairs

IFFCO inks pacts with two South Korean firms for agri-equipment and finance business

Fertiliser cooperative major IFFCO (Indian Farmers Fertiliser Cooperative Limited) has entered into strategic partnership with two leading South Korean firms to explore business opportunities in agri-machinery and farm credit sectors. These two firms are LS Mtron Ltd, a South Korean agriculture equipment manufacturer and NH Capital co. Ltd., South Korea’s leading financial services provider.

Key Facts

The farm machinery and agriculture credit sector are still evolving in India. Over the years, IFFCO has been expanding its footprint beyond chemical fertiliser and was scouting for partner to venture into farm machinery and agri-credit sectors for long time. The entry of established player like IFFCO in these emerging sectors will certainly infuse much-needed competition and freshness in the sector. Under this strategic partnership, IFFCO together South Korean firms will explore business opportunities involving supply, sales and distribution of agricultural machinery and finance to fulfil the market demand in India.

Indian Farmers Fertiliser Cooperative Limited (IFFCO)

IFFCO is large scale fertiliser cooperative federation in India which is registered as Multistate Cooperative Society. It is one of India’s biggest cooperative society which is wholly owned by Indian Cooperatives. It was founded in 1967 with just 57 cooperatives and at present it has amalgamation of over 36,000 Indian Cooperatives with diversified business interests ranging from General Insurance to Rural Telecom apart from its core business of manufacturing and selling fertilisers. It is headquartered in New Delhi.

Month: Categories: Business & Economy Current Affairs 2018

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Chief Ministers Subgroup constituted to Coordinate Policy approaches for Agriculture and MGNREGS

The Union Government has constituted Chief Ministers Subgroup to coordinate policy approaches for agriculture sector and Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). It will submit its report within three months from its date of constitution.

Composition: Chief Minister of Madhya Pradesh Shivraj Singh Chouhan will be its convener and CMs of Andhra Pradesh, Gujarat, Bihar, West Bengal, Uttar Pradesh and Sikkim along with Member NITI Aayog, Ramesh Chand as its members.

Background

CMs Subgroup formation comes in backdrop of vision of Central Government towards Doubling Farmers’ Income by 2022 which requires multi-dimensional and inclusive approach. It comes close on heels of unanimous decision taken at 4th meeting of Governing Council of NITI Aayog chaired by Prime Minister Narendra Modi. During the deliberations, it was suggested to come out with approaches with special emphasis on pre-sowing and post-harvest interventions using MGNREGS, for creating durable assets that will double incomes of farmers and reduce agrarian distress.

Terms of Reference of the Sub-Group

It will suggest wider choice of State specific interventions both for pre-sowing and post-harvest to improve thrust on incomes, waste to wealth and water conservation. It will align works under MGNREGS to requirements of achieving goal of Doubling Farmers’ Income by 2022. It will help to improve thrust on individual beneficiary schemes, water conservation, construction of rural haats, vermi-composting etc.

It will make recommendations on interventions of MGNREGS that can facilitate reduction of agrarian distress including work availability, wage rates, seasonality etc. It will also explore possibilities of MGNREGS as livelihood resource for development and diversification of livelihoods of small and marginal farmers specially belonging to SC/ST households.

It will suggest ways of aligning MGNREGS and its livelihood thrust with women Self Help Groups (SHGs), producer companies and producer groups to enable better use of resources for livelihood. It will explore successful convergence of program resources across departments to ensure efficiency, effectiveness, optimal fund utilization and sustainability.

Month: Categories: India Current Affairs 2018

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