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Govt doubles FCI’s authorised capital
The Business Guardian
|February 19, 2024
The government announced on Saturday its decision to increase the authorized capital of the staterun Food Corporation of India (FCI) from Rs 10,000 crore to Rs 21,000 crore.
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This move aims to bolster FCI's operational capabilities and enable it to effectively fulfill its mandates, as stated by the Food Ministry.
FCI serves as the central government's primary agency responsible for procuring food grains at minimum support prices (MSP) to safeguard farmers' interests. Additionally, it manages strategic stocks and distributes grains through various welfare schemes.
The ministry emphasized that the augmentation of authorized capital is a significant stride towards empowering FCI to carry out its responsibilities more efficiently. By reducing the need for cash credit, short-term loans, and other financial measures, this increase is expected to alleviate interest burdens and positively impact government subsidies.
With the infusion of capital, FCI is urged to prioritize modernizing storage facilities, enhancing transportation networks, and adopting advanced technologies.
This story is from the February 19, 2024 edition of The Business Guardian.
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