Date of Issue : 14 January 2014
Image courtesy : Mansoor B. - Mangalore
India Post released its first stamp of the year 2014 on 14th January to commemorate 50 years of Food Corporation of India.
Food Corporation of India was set up on 14 January 1965 having its first District Office at Thanjavur - rice bowl of Tamil Nadu - and headquarters at Chennai under the Food Corporations Act 1964 to implement the following objectives of the National Food Policy :
- Effective price support operations for safeguarding the interests of the farmers
- Distribution of foodgrains throughout the country for Public Distribution System
- Maintaining satisfactory level of operational and buffer stocks of food grains to ensure National Food Security
- Regulate market price to provide foodgrains to consumers at a reliable price
It is one of the largest corporations in India and probably the largest supply chain management in Asia (Second in world ) . It operates through 5 zonal offices and 24 regional offices. Each year, the Food Corporation of India purchases roughly 15-20 per cent of India's wheat output and 12-15 per cent of its rice output. The purchases are made from the farmers at the rates declared by the Govt. of India. This rate is called as MSP (Minimum support Price). There is no limit for procurement in terms of volume, any quantity can be procured by FCI provided the stock satisfies FAQ (Fair Average Quality) specifications with respect to FCI.
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