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| Photo Credit: SRINATH M
The authorities has elevated the authorised capital of state-run Food Corporation of India (FCI) from ₹10,000 crore to ₹21,000 crore to improve the operational capabilities and fulfill its mandate successfully, the Food Ministry stated on February 17.
FCI is the central authorities’s nodal company that undertakes the procurement of foodgrains at a minimal assist value (MSP) to defend the curiosity of farmers. It additionally maintains strategic shares and distributes the grains below totally different welfare schemes.
“The increase in authorised capital is a significant step towards enhancing the operational capabilities of FCI in fulfilling its mandate effectively,” the Ministry stated in an announcement. FCI resorts to money credit score, short-term mortgage, methods and means and so on. to match the hole within the fund requirement. The enhance within the authorised capital will scale back the curiosity burden, lower the financial price and in the end affecting the federal government subsidy positively, it stated.
With this infusion of capital, the FCI must also embark upon modernising its storage amenities, bettering transportation networks, and adopting superior applied sciences.
These measures are important not just for lowering post-harvest losses but in addition for making certain environment friendly distribution of meals grains to customers, it added.
Creating capital belongings
The Centre gives fairness to the FCI for working capital necessities and the creation of capital belongings. The FCI is endeavor a complete initiative to create an built-in IT system, leveraging present inner and exterior techniques.
Through the e-office implementation, FCI is making efforts in the direction of a paperless workplace tradition. These initiatives of built-in IT options serving because the core operational software program for FCI, ought to present a single supply of data and streamline features with a standard digital spine.
According to the Ministry, the FCI has taken a number of steps to improve its effectivity together with development of cement roads, roof upkeep, illumination, and weighbridge upgradation.
Besides, it has additionally bought lab tools and developed a software program platform for high quality checking.
The authorities’s twin dedication to MSP-based procurement and funding in FCI’s operational capabilities signifies a collaborative effort in the direction of empowering farmers, fortifying the agricultural sector, and making certain meals safety for the nation, it stated.
