FCI Full Form

FCI meaning, Food Corporation of India, is a statutory body created and operated by the Government of India. It is a public sector undertaking ensuring the food security of the nation. It is set up under the enactment of the Food Corporation Act, 1964. Its primary duty is to undertake the purchase, store, move/transport, distribute, and sell food grains, and other foodstuffs. It was established in 1965 with its initial headquarter in Chennai. Later FCI headquarters was moved to New Delhi. 

What is FCI?

FCI stands for Food Corporation of India was set up under the Food Corporation Act 1964, in order to accomplish the following objectives:

• Effective price support operation for protecting the interest of farmers.

• Distribution of food country all over the country for the public distribution system.

• To maintain an acceptable level of operational and buffer stock of goods grains to ensure food national security.

Since its establishment, FCI has played an important role in India’s success in converting crisis management-oriented security into a stable security system. 

What is The Full Form of FCI?

FCI stands for Food Corporation of India. 

Objectives of FCI

FCI full form, Food Corporation of India has the following objectives:

• To offer remunerative prices to farmers.

• To make food grains available at a moderate price, specifically to vulnerable sections of society.

• To make buffer inventory as a measure of food security.

• To negotiate in the market for price stabilization.

FCI Vision

FCI's vision is to ensure Food security for the citizens of the country.

FCI Mission

FCI’s mission is to offer:

• Efficient procurement at minimum support price (MSP), storage, and distribution of food price.

• Ensuring availability of food grain and sugar through appropriate policy instruments, including maintenance of buffer inventory of food grains,

• To make food grain available at a moderate price, specifically to the weaker and vulnerable sections of the society under the PDS.

FCI Organizational Set Up

FCI stands for, Food Corporation of India coordinates its activities through a country-wide network of offices with headquarters in New Delhi with five zonal offices, 25 regional offices, and 170 District offices under its control.

What Are The Major Activities Undertaken by FCI?

Major activities undertaken by FCI are:

Procurement

The central government extended price support for the procurement of wheat, paddy, and coarse grain through the FCI and state agencies. All the food grains conforming to the prescribed specification are procured by the public procurement agencies at a minimum support price including an incentive bonus announced if any. 

Targeted Public Distribution Scheme

FCI is responsible to meet the requirements of FCI through grain procured which are issued at Central issue Price fixed by the Government of India to accomplish the objectives of helping the economically vulnerable sections of the society. FCI is responsible for offering food grains to State Govt/State agencies from its warehouse for distribution later through fair price shops. The role of FCI becomes crucial in the environment of the National Food Security act, 2013, which commits to distribute more than 61 MMT through the targeted public distribution system (TDPS) and other welfare schemes at a highly subsidized price.

Buffer Stock

The buffer stock is maintained to meet the needs of food grains for allocations made by targeted public distribution systems and other welfare schemes, ensuring food security during the period when the production is short of normal demand during worst agricultural years, and stabilising prices during the period of shortfalls through open market sales.

Movement

To ensure the availability of food grains for targeted public distribution and other welfare schemes, and to maintain moderate levels of buffer inventory at various strategic locations throughout the country. FCI takes the responsibility of transportation of foodgrains ( wheat and rice) from the surplus states to deficit states and also within the states of rail, road, and riverine modes. Approximately 90% of all Indian movement is undertaken by railways and the rest by roadways and waterways. Approximately on average, 25 lakhs bags (50 KG) of food grains are transported every day from the procuring areas to the consuming areas, covering an average distance of 1500 kilometers. 

What is FCI In Banking?

FCI full form in banking, Factors Chain International, is a global representative body for factoring and financing of open account domestic and international trade. It was set up in 1968 as a nonprofit global organization. FCI offers a unique network of corporations in international factoring. 

Factors Chain International is a non-exclusive organization, open to any company which is offering factoring services or plans to set up factoring activities but also to service providers to the industry.

The six pillars of FCI are:

• Network

• Education

• Promotion 

• Legal

• Compliance 

• Influence

What Are The Three Major Activities of Factors Chain International?

The three major activities of FCI full form, Factors Chain International are:

• FCI supports cross-border factoring activities through which its members cooperate as import and export factors.

• FCI advertises and expands best practices in both domestic and international factoring and related open account finance products.

• FCI promotes and protects the industries with stakeholders and policymakers worldwide.