Modi cabinet increases the capital of Food Corporation of India, it will be beneficial

Nov 27 2019 03:51 PM
Modi cabinet increases the capital of Food Corporation of India, it will be beneficial

In today's time, everyone is so busy that no one has time to know or understand that the country's economy is running, what contribution can be given by us and what is being given. The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a proposal to increase the official capital of Food Corporation of India (FCI) to Rs 10,000 crore. The current official capital of FCI is Rs 3,500 crore. "The CCEA may approve the proposal to increase the official capital of the Food Corporation of India (FCI) from the current Rs 3,500 crore to Rs 10,000 crore," an official statement said.

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According to the statement given, "As the official capital increases, additional equity capital can be included in the FCI through the Union Budget, so that the FCI can continuously release funds to the grain stock." FCI operations require continuous monitoring of grain storage, whose economic needs are met through equity or long-term debt by the Center.

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According to the statement given, the government is giving equity to FCI to look after the reserves. The current official equity capital of FCI is Rs 3,500 crore and Rs 3,447.58 crore has been paid on 31 March 2019.

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