November 23, 2024 00:13 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws
Union cabinet approves infusion of Rs 10,700 cr equity infusion in Food Corporation of India for FY25
Photo courtesy : File photo/UNI

Union cabinet approves infusion of Rs 10,700 cr equity infusion in Food Corporation of India for FY25

| @indiablooms | 06 Nov 2024, 08:51 pm

New Delhi: The government has approved a Rs 10,700 crore equity infusion in the Food Corporation of India (FCI) for FY25, the Cabinet Committee on Economic Affairs (CCEA) meeting chaired by Prime Minister Narendra Modi announced on Wednesday.

Union Minister Ashwini Vaishnaw stated, "Cabinet approves infusion of equity of Rs 10,700 crore for working capital in the financial year 2024-25 in Food Corporation of India (FCI)."

He underscored that FCI’s operations have expanded over the past decade due to increased Minimum Support Price (MSP) levels and food grain procurement.

This capital injection is intended to strengthen FCI’s operational capabilities and reduce its dependence on short-term borrowing, lowering its interest costs and the government’s subsidy burden.

FCI’s core responsibilities involve procuring food grains at MSP, maintaining strategic reserves, and distributing supplies for welfare programs and price stability, which supports national food security.

Established in 1964 with an initial equity of Rs 4 crore and an authorised capital of Rs 100 crore, FCI has since grown substantially.

In February 2023, its authorised capital was raised to Rs 21,000 crore, with equity reaching Rs 10,157 crore in FY24.

This new infusion of Rs 10,700 crore marks a significant boost, enhancing FCI’s capacity to meet National Food Security Act goals and bridging regional food supply gaps by transferring grains from surplus to deficit areas.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.