Cabinet approves equity infusion of INR 107 billion in FCI
This story was originally published at 16:58 IST on 6 November 2024
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--Cabinet OKs equity infusion of INR 107 bln in FCI
NEW DELHI – The Union Cabinet on Wednesday approved equity infusion of INR 107.00 billion for working capital to Food Corp. of India in 2024-25 (Apr-Mar). The decision, the government said, is aimed at bolstering the agricultural sector and ensuring the welfare of farmers nationwide.
"The equity of FCI was INR 44.96 billion in FY20 which increased to INR 101.57 billion in FY24. Now, government of India has approved significant amount of equity of INR 107.00 billion to strengthen FCI financially and will give a big boost to the initiatives taken for its transformation," the government said in a statement.
The infusion of equity is a significant step towards enhancing the operational capabilities of FCI in fulfilling its mandate effectively, it said. "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 the subsidy of government of India," it added. End
Reported by Pallavi Singhal
Edited by Avishek Dutta
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