- The Food Corporation of India was setup under the Food Corporation’s Act 1964 , in order to fulfill following objectives of the 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 foodgrains to ensure National Food Security
- Since its inception, FCI has played a significant role in India’s success in transforming the crisis management oriented food security into a stable security system.
Why in News?
- The Government has directed the FCI to conduct the e-auctions of wheat and rice to check the inflationary trends in prevailing retail prices as a part of market intervention to control the price of wheat and rice.