Friday, Apr 19 2024 | Time 18:11 Hrs(IST)
Business Economy

Govt hikes authorized capital of FCI to Rs 21000 cr from Rs 10000 cr

New Delhi, Feb 17 (UNI) With a view to enhance operational capabilities of the Food Corporation of India (FCI), the Government on Saturday increased authorised capital of the corporation to Rs 21000 crore from Rs 10000 crore now, a more than 100 per cent increase.
The increase in the capital is a significant step towards enhancing the operation capabilities of FCI in fulfilling its mandate effectively. To match the gap of fund requirement, the Corporation resorts to Cash Credit, Short Term Loan among other measures. Infusion of additional capital would result in lowering of interest burden and other economic costs and ultimately affecting the subsidy of the Government positively.
Besides, the infusion of capital shall also lead to modernizing FCI's storage facilities, improving transportation networks and adoption of advanced technologies for its operations, an official statement said.
As part of enhancing its efficiency, the FCI is diligently executing tasks such cement roads, roof maintenance etc for enhancing food security. The Government said that FCI, as the pillar of India's food security architecture, plays a pivotal role in various crucial functions including procurement of food grains at Minimum Support Price (MSP), maintenance of strategic food grain stocks, distribution to state governments and Union Territories and stabilisation of food grain prices in the market.
"This startegic move shows the government's steadfast commitment to supporting farmers and fortifying India's agrarian economy," it said adding the government of India, recognising the critical role of FCI in maintaining food security, periodically specifies the strategic level of food grain stocks to be maintained by FCI and designated central pool (DCP) states. FCI diligently adheres to these norms to address any adverse situations that may arise in the future, ensuring the nation's resilience to food-related challenges.
More News

19 Apr 2024 | 5:24 PM

Mumbai, Apr 19 (UNI) IT major Wipro on Friday reported 7.80% year-on-year dip in consolidated net profit at Rs 2,834.6 crore for January-March quarter (Q4) of the financial year 2023-24.

see more..
Rupee up 8 paise against USD

Rupee up 8 paise against USD

19 Apr 2024 | 5:05 PM

Mumbai, April 19 (UNI) The Rupee on Friday ended positive at 83.47, rising 8 paise against the USD on selling US Dollar by bankers and exporters, dealers at the Foreign exchange said.

see more..

Kottayam-Kochi Rubber Market rates

19 Apr 2024 | 5:02 PM

Kottayam, April 19 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Friday per quintal.

see more..
Sensex jumps 599 34  pts

Sensex jumps 599 34 pts

19 Apr 2024 | 4:56 PM

Mumbai, April 19 (UNI) Snapping a losing streak of last four sessions, the BSE Sensex on Friday bounced back 599.34 pts to close at 73088.33 on the strength of Bankex, Metal, Financial services and Consumer Durable stocks amid weak Asian Market.

see more..

Sund Home Fin expands presence in Rajasthan

19 Apr 2024 | 4:36 PM

Chennai, Apr 19 (UNI) After its recent expansion in Western India, Sundaram Home Finance (SHF)
has expanded its presence in Central India with the opening of its new office at Kota in Rajasthan.

see more..