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Food Corporation of India may be forced to seek expensive loans from banks
May 09, 2017
- With the Centre’s outstanding dues to the Food Corporation of India (FCI) touching Rs58,000 crore by the end of the previous financial year, the state-run entity may continue to face financial hardships in the current fiscal as well and be forced to seek an expensive short-term loan from banks.
- Sources told FE that the finance ministry has recently released 49,000 crores under the food subsidy allocation for FY18 to the FCI.
- Also, it is likely to release the balance amount from the current year’s total food subsidy budget of Rs1.07 lakh crore over the next couple of months.
