FCI Full Form
What is the full form of FCI?
Food Corporation of India is abbreviated as FCI. A government agency handles the procurement, selling, and distribution of food grains across India. Its objective is to guarantee national citizens' access to food. It has a head office in Delhi, five zonal offices, and other locations. Yogendra Tripathi is the chairman and managing director of FCI as of May 2017. One of the largest companies established by the Indian government is the Food Corporation of India, which also has one of the most significant supply chains in the country. Since its foundation, FCI has contributed significantly to India's success in converting its food security system from one focused on crisis management to one stable.
Overview of FCI
The FCI purchases 12 to 15% of the nation's total rice production in addition to about 15 to 20% of India's wheat production. As long as the requirements for Fair Average Quality are satisfied, no restrictions on procurement are imposed, and purchases are made following the Minimum Support Price.
In a new initiative, the Food Corporation of India began purchasing pulses in several regions for the crop year 2015–16. These purchases of pulses are made at market rates, a significant departure from the company's regular minimum support price–based procurement strategy.
Objectives
The objectives of FCI are:
To give farmers fair compensation.
To make food grains affordable, especially for the most vulnerable members of society.
Keeping buffer reserves as a method of evaluating food security.
To make market interventions in order to stabilise prices.
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Frequently Asked Question (FAQs)
A statutory entity under the Ministry of Consumer Affairs, Food, and Public Distribution is the Food Corporation of India (FCI).
After the 1964 Food Corporation Act was passed, FCI was established in 1965, to carry out many aspects of the current National Food Policy.
The Union government is required to cover any losses incurred by FCI. Since its foundation, FCI has dealt with various shortages and surpluses of food grains. It was essential in changing India from a food-deficit nation to a self-sufficient one.
Help the Board of Directors develop and implement policies for the purchase, storage, transportation, transport, distribution, and sale of food grains, as well as establish their goals and objectives. Interact with the central government while formulating policy on the operations and functions of the FCI.
FCI is one of the leading government agencies. It works with several state agencies to purchase wheat and paddy as part of a price support programme.
It was suggested that the food subsidy amount allotted to the Food Corporation of India be revised from the initial subsidy value of Rs 77,983 crore allocated in the 2020 Union Budget to Rs 3,44,077 crore in the 2021 Union Budget.
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