- Food Corporation of India (FCI) was set up in 1965 under the Food Corporations Act.
- The main objectives of FCI are
- Procurement of food grains from farmers at Minimum Support Prices (MSP) announced by the Government;
- Distribution of food grains to consumers through PDS, particularly the vulnerable sections of society at affordable prices; and
- Maintenance of buffer stock of food grains for food security and price stability.
- It is mandated to serve the interests of producers and consumers alike.
Why in News?
- More than 1060 bidders participated and 3.85 LMT wheat was sold during the second e-auction organised by the Food Corporation of India.