IFFCO MD US Awasthi Meets Amit Shah to Discuss Rural Insurance Coverage Strategies

Union Cooperation Minister Amit Shah recently met with IFFCO's Managing Director, U.S. Awasthi, to discuss the organisation's financial performance and strategies for expanding insurance in rural areas. Awasthi highlighted the cooperative's achievements and future plans during their meeting.

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IFFCO reported a 16% rise in net profit, reaching Rs 2,823 crore for the fiscal year 2024-25. This increase was attributed to higher revenue compared to the previous year's net profit of Rs 2,443 crore. The total turnover also grew by 4.5%, amounting to Rs 41,244 crore from Rs 39,474 crore in the prior fiscal year.

Cooperative Network Expansion

Awasthi emphasised the importance of leveraging India's extensive cooperative network to boost insurance coverage in rural regions. He stated that this initiative would play a crucial role in empowering cooperatives and strengthening the rural economy.

During their discussion, Awasthi updated Shah on the progress at IFFCO's Seed Research and Development Facility located at the Kalol Unit in Gujarat. This facility is part of IFFCO's ongoing efforts to enhance agricultural productivity and innovation.

Vision for Rural Empowerment

Awasthi expressed gratitude towards Shah's guidance under the "Sahakar Se Samriddhi" vision, which aims to promote prosperity through cooperation. He noted that IFFCO's performance is a testament to this vision's success.

In a social media post on X, Awasthi shared, "During the meeting, I had the opportunity to brief and update the Hon'ble Minister on the overall performance of IFFCO for the Financial Year 2024-25, a strong testament to the vision of Sahakar Se Samriddhi under his able & dynamic guidance."

The discussions between Awasthi and Shah underscore IFFCO's commitment to enhancing its role in rural development through strategic initiatives and partnerships. By focusing on insurance expansion and research advancements, IFFCO aims to contribute significantly to India's agricultural sector.

With inputs from PTI