Food Corporation of India Current Affairs - 2020
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Cabinet Committee on Economic Affairs (CCEA) approved increasing authorized capital of Food Corporation of India (FCI) from existing Rs.3,500 crore to Rs.10,000 crore. CCEA was chaired by Prime Minister Narendra Modi.
FCI’s operations require maintaining perpetual stock of foodgrains which needs to be funded by government of India through equity or via long term loan. Therefore, Centre government is providing equity to FCI for maintaining stocks. As on 31 March 2019, the present authorized equity capital of FCI is Rs.3,500 crore and paid up equity capital is Rs.3447.58 crore.
Significance: With the increase of authorized capital, additional equity capital can be infused in Food Corporation of India (FCI) through Union Budget for funding foodgrains stock, perpetually held by FCI. This will reduce thereby FCI’s borrowings, save FCI’s interest cost as well as reduce food subsidy in consequence.
About Food Corporation of India (FCI)
It was constituted under Food Corporations Act, 1964, to implement the objectives of National Food Policy of Government of India. FCI is a government-owned corporation under Department of Food and Public Distribution of Union Ministry of Consumer Affairs, Food and Public Distribution.
FCI Objectives: to ensure food security of Nation; to ensure Minimum Support Price (MSP) to farmers; to maintain buffer stock of foodgrains; distribution of foodgrains under National Food Security Act (NFSA); and execution of government policies and welfare schemes.
Tags: Cabinet Committee on Economic Affairs • Cabinet Decision • CCEA • FCI • Food Corporation of India
Union Ministry of Consumer Affairs Food and Public Distribution has announced a blanket ban on all types of single use plastic products in various departments of Ministry and all its Public Sector Units (PSUs) including Food Corporation of India (FCI) starting from 15 September 2019.
The decision on this ban on use of single-use plastic products was taken in a high level meeting held by Union Minister of Consumer Affairs Food and Public Distribution, Ram Vilas Paswan. Union Minister has asked officials to make alternate arrangements to ensure that the ban is effective.
The high level meeting was held with Secretaries of both Departments i.e. Consumer Affairs and Food, CMD FCI, DG Bureau of India Standards (BIS), MD of central warehousing corporation (CWC), Director Legal Metrology along with other senior officials of Ministry.
Moreover, the department has distributed cloth bags to employees to reduce consumption of single use plastics.
Steps taken by Ministry so far:
During the Swachhata Pakhwada and Swachhata Hi Sewa campaign, department of fertilizers has distributed cloth bags produced by Women’s Self help Group (SHG) Laxmi Devi Swasya Group of village Maragondanahalli Grama Panchayat Ramohalli district, Karnataka to its employees to reduce consumption of single use plastics. As per the department, it is a small step to reduce single-use plastic usage and, to make people aware of viable alternative, while at the same time to improve income and livelihood of rural women of India.