Government move to bring down FCI borrowings, reduce food subsidy outgo

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The government has increased the authorised capital of Food Corporation of India (FCI) from Rs 10,000 crore to Rs 21,000 crore through a notification. This move will help FCI reduce its borrowings from banks and save approximately Rs 750 crore annually. FCI is responsible for procurement of foodgrains from farmers, stocking and distribution under the PDS.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/qFXJ3Sl

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