Food Corporation of India
- Food Corporation of India
Food Corporation of India was setup on 14th January 1965 under Food Corporation Act 1964 with authorised capital of almost $600 million [ [http://fciweb.nic.in/capital_structure/capital_structure.htm Authorised capital $600m] ] to implement the national policy for price support operations, procurement, storage, preservation, inter-state movement and distribution operations.
It operates through 5 zonal offices and a regional office in Delhi. Each year, the Food Corporation purchases roughly 15-20 per cent of India's wheat output and 12-15 per cent of its rice output. The losses suffered by FCI are reimbursed by the Union government, to avoid capital erosion, and thus declared as a subsidy in the annual budget. In 2007, such food subsidies were met by government bonds worth almost $8 billion. [ [http://budgetwithet.economictimes.indiatimes.com/Government_Scorecard/Food_subsidy_bill_likely_to_hit_Rs_30000_crore/ubarticleshow/2812124.cms Subsidies reimbursed by new debt, not cash] ]
References
It operates through 5 zonal offices and 23 regional offices in India.
External links
* [http://fciweb.nic.in/ Official Website of FCI]
* [http://www.fcamin.nic.in/ Ministry of Consumer Affairs & Public Distribution]
* [http://fciweb.nic.in/annual_folder/Annual%20Report_2004-05.pdf annual report 2004 (pdf, 29mb)]
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