As per an official announcement released on Monday, the proposed Multi State Cooperative Societies (MSCS) Act, 2002-based national-level cooperative society for organic products will have an authorised share capital of Rs 500 crore.
This comes after the Union Cabinet gave its approval for the formation and promotion of a national cooperative society for organic products last week.
Five cooperative organisations, including the Gujarat Cooperative Milk Marketing Federation (GCMMF), which promotes the Amul brand, the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), the National Cooperative Consumers' Federation of India Limited (NCCF), the National Dairy Development Board (NDDB), and the National Cooperative Development Corporation (NCDC), have reportedly stepped forward to support the Ministry's initiative to establish an organic cooperative society.
The society would have a 500-crore rupee authorised share capital. It will have a Rs 100 billion initial paid-up share capital, the notification informed.
These five cooperative entities would each make an initial investment of Rs. 20 crore and then gradually raise the capital, it further added.
Moreover, Union Home Minister Amit Shah has announced plans to establish a new multi-state cooperative for the marketing and export of organic goods under the direction of Amul, according to a statement released by the Cooperative Ministry on September 8, 2022.
According to the statement, the retail market for certified organic products in India is currently valued at about Rs 27,000 crore, but in the next five years, it is anticipated to grow to Rs 1 lakh crore.
