NAFED & FCI
#GS3 #Agriculture #NAFED #FCI
News : NAFED and Food Corporation of India (FCI) have procured Pulses and Oilseeds worth one thousand 313 Crore rupees benefiting more than one lakh 74 thousand farmers.
- NAFED is apex organization of marketing cooperatives for agricultural produce in India.
- Its headquarters is located in New Delhi.
- It was founded in October 1958 to promote trade of agricultural produce and forest resources across the nation.
- It functions under Ministry of Agriculture.
- NAFED is now one of the largest procurement as well as marketing agencies for agricultural products in India.
- In 2008, it had established, National Spot Exchange, a Commodities exchange as a joint venture of Financial Technologies (India) Ltd. (FTIL).
- Food Corporation of India (FCI) is a Public Sector Undertaking, under the Department of Food & Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution.
- FCI is a statutory bodyset up in 1965 under the Food Corporations Act 1964.It was established against the backdrop of major shortage of grains, especially wheat.
- Simultaneously,Commission for Agricultural Costs and Prices (CACP) was created in 1965 to recommend remunerative prices to farmers.
- It has primary duty to undertake purchase, store, move/transport, distribute and sell food grains and other foodstuffs.