The sales turnover achieved by GCMMF is 17% higher than the previous financial year.
Group turnover of GCMMF and its constituent member unions, representing consolidated turnover of all products sold under Amul brand, exceeded Rs. 52,000 crores ($7bn). GCMMF said it is aiming to achieve a group business turnover of Rs. 1 lakh crore ($13.3bn) by 2024-25.
Amul was the 18th largest dairy organization in the world in the year 2011, and is now the ninth largest. The company said its target is to be one of the top three.
Shri Ramsinhbhai P Parmar, GCMMF chairman, said during the last 10 years, milk procurement has increased by 138% from 909,300 liters per day in 2009-10 to 2.16m liters per day in 2019-20.
This growth was a result of the high milk procurement price paid to farmer members, which has increased by 127% from Rs. 337 per kg fat in 2009-10 to Rs. 765 per kg fat in 2019-20.
Shri Jethabhai Bharwad, vice chairman, GCMMF, said that, for the last 21 years, India has been the largest producer of milk in the world and is likely to retain this position with an annual growth rate of 5.5% over the past three to four years, compared to a global rate of 2.0%.
He added that the country can now produce enough milk for the domestic market.
Dr R S Sodhi, managing director, GCMMF, noted that the government had made the announcement of a Rs. 150bn ($2bn) dairy infrastructure fund for the establishment of supply chain and dairy plants for enhancing dairy and milk processing capacity.
With this fund, the Indian dairy industry can build around 40m to 50m liters of extra capacity, which would mean more jobs, especially in rural India.