It was setup on 2nd October 1958 with the objective to promote Co-operative marketing of Agricultural Produce to benefit the farmers
New Delhi and 4 Regional and 28 Zonal offices
CURRENT CHAIRMAN –> V.R BODA
Its objectives include -> To organize, promote and develop marketing, processing and storage of agricultural, horticultural and forest produce, distribution of agricultural machinery, implements and other inputs, undertake inter-state, import and export trade, wholesale or retail as the case may be and to act and assist for technical advice in agricultural, production for the promotion and the working of its members, partners, associates and cooperative marketing, processing and supply societies in India.
One of the Main Objectives include -> Procurement of Pulses, Oilseeds and Onion from farmers directly and the money after sale would directly be transferred to farmers accounts
Recent events –
- Since 2014 the NAFED was not doing that well financially and was on the verge of closure, mainly due to a low capital base of 250 crore.
- In 2016-2018 the capital base of NAFED was increased to around 42000 crore. Which fuelled the procurement of pulses and oilseeds in 2017-18 to around 31.91 lakh metric tonnes which benefited over 20 lakh farmers
- NAFED registered record numbers on other financial parameters and in 2018-19, it is expected to earn record profit