Subscribe To Print Edition About The Tribune Code Of Ethics Download App Advertise with us Classifieds
search-icon-img
  • ftr-facebook
  • ftr-instagram
  • ftr-instagram
search-icon-img
Advertisement

Cabinet approves Rs 10,700 crore equity infusion in FCI to cope with increased operations

Government’s dual commitment to MSP-based procurement and investment in FCI’s operational capabilities signifies a collaborative effort towards empowering farmers
  • fb
  • twitter
  • whatsapp
  • whatsapp
featured-img featured-img
Ashwini Vaishnaw, Information and Broadcasting Minister. File Photo
Advertisement

The Union Cabinet on Wednesday approved increasing the equity capital of Food Corporation of India (FCI) by Rs 10,700 crore. The decision was taken keeping in mind the fact that there has been an increase in the scale of operations owing to steady rise in MSP and procurements made by the state-owned entity, Information and Broadcasting Minister Ashwini Vaishnaw said.

The equity infusion has been done for the current financial year (2024-25) and the decision is aimed at bolstering the agricultural sector and ensuring the welfare of farmers nationwide.

“This strategic move shows the government’s steadfast commitment to supporting farmers and fortifying India’s agrarian economy,” Vaishnaw added.

Advertisement

He further said that it is a significant step towards enhancing the operational capabilities of FCI in fulfilling its mandate effectively.

FCI resorts to short term borrowings to match the gap of fund requirement. This infusion will help to lower the interest burden and will ultimately reduce subsidy of the government.

Advertisement

The government’s dual commitment to MSP-based procurement and investment in FCI’s operational capabilities signifies a collaborative effort towards empowering farmers, the minister added.

Advertisement
Advertisement
Advertisement
Advertisement
tlbr_img1 Home tlbr_img2 Opinion tlbr_img3 Classifieds tlbr_img4 Videos tlbr_img5 E-Paper