Government releases Rs. 25,834 crore to FCI as Food Subsidy

Posted on:05 Apr 2016 18:18:33
Government releases Rs. 25,834 crore to FCI as Food Subsidy
05 April 2016 Current Affairs: To ensure smooth procurement and distribution of foodgrains, the government today released Rs 25,834 crore as food subsidy to state-owned Food Corporation of India (FCI) for this fiscal. The government has earmarked Rs 1,34,834.61 crore as food subsidy for 2016-17 fiscal. The corporation is facing a subsidy arrear of Rs 58,650 crore till March 2016. The government has released today Rs 25,834 crore to FCI as food subsidy," the Food Ministry said in a statement. In addition to this, the government will shortly release a wage and means advance of Rs 10,000 crore. FCI is also raising short-term loans from banks up to a maximum limit of Rs 30,000 crore. Recourse to these loans will be made by FCI as and when required .In the last fiscal, the government had initially allocated Rs 97,000 crore to FCI, which was later increased to Rs 1,12,000 crore at the revised estimate stage. This helped bring down subsidy arrear to Rs 58,650 crore till March 2016. To further bring down the subsidy arrear in this fiscal, the government said it may consider additional food subsidy over and above the budgetary provision, if required, towards the end of the current financial year. The bulk of the food subsidy is paid to FCI for buying foodgrains at support price and running the public distribution system (PDS). 

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs September 2017

23 SEPTEMBER
NEWS
22 SEPTEMBER
NEWS
21 SEPTEMBER
NEWS
20 SEPTEMBER
NEWS

Current Affairs August 2017

31 AUGUST
NEWS
30 AUGUST
NEWS
29 AUGUST
NEWS
28 AUGUST
NEWS

Current Affairs July 2017

31 JULY
NEWS
29 JULY
NEWS
28 JULY
NEWS
27 JULY
NEWS