The Centre is trying to revive NAFED at a time, when NAFED is facing a big threat of closure, Union Minister of State for Agriculture Mohan Bhai said.
The minister was speaking on the occasion of 62nd All India Cooperative Weeek organised by National Cooperative Union of India (NCUI) on Saturday. He ensured that being a Cooperator himself, he would work to strengthen the cooperative movement.
Presently, National Agricultural Cooperative Marketing Federation of India (NAFED) is running under Rs 1750 crore with as many as eight banks debts. According to sources, NAFED has recently written to the agriculture ministry and department of financial services in the finance ministry, seeking a bailout. It is pertinent to mention that NAFED, which procures oilseeds, cotton, onions and pulses and undertakes market intervention activities when the prices of these agricultural commodities fall below the MSP.