“Procured highest volumes of pulses in history of nation”
The National Agricultural Cooperative Marketing Federation of India (NAFED) has been engaged in procuring rabi crops, pulses and oilseeds very effectively even during the lockdown caused by the COVID-19 pandemic. The procurement of chana and mustard, in fact, has been going on smoothly and payments are being made to farmers within three days. Earlier, Mr Sanjeev Kumar Chadha, Managing Director, NAFED, spoke to India Empire magazine’s Editor and Publisher Sayantan Chakravarty
After suffering losses in FY 2013-14 to FY 2016-17, NAFED did a major turnaround in FY 2017-18 by coming out of the red. What strategies specifically led to the change in fortunes?
Until the financial year 2015-2016, we owed around Rs 1,800 crore to banks. NAFED, at the time, was deeply in the red. Then the Government took a policy decision to create a national pulse buffer. It enabled NAFED to start doing more business, and grow our income. When our income started growing we requested the Government to freeze a one-time payment with the banks. It was finalized, we paid back to the banks and thereby ceased to be an NPA. We started making profit from 2017-2018. Ever since, there has been no looking back.