What is the full form of FCI
FCI: Food Corporation of India
FCI stands for Food Corporation of India. It is a government body in India that deals with the purchase, sale and distribution of food grains across the country. Its vision is to ensure food security for citizens of the country. It operates through 5 zonal offices and a head office located at Delhi. As of May 2017, Sh. Yogendra Tripathi is the Chairman and Managing Director of FCI.
It was set up on 14 January 1965 under the Food Corporation's Act 1964 to fulfill the following objectives of the Food Policy.
FCI is believed to be the largest supply chain management in Asia. The key products of this organization are Wheat and Rice. Every year, it purchases around 15-20 percent of India's total wheat production and around 12-15 percent of India's total rice production. After the purchase, it supplies the food grains to the stock depots of different states so that ration card holders can buy wheat and rice at a minimal price.
If FCI suffers any loss, the Union government is supposed to reimburse the losses. Since its inception, FCI successfully handled various situations of scarcity and abundance of food grains. It has played a vital role in transforming India from a food deficit country to a self-sufficient country in food.