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. 

About NAFED  

  • 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). 

About FCI  

  • 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.  

READ || More about FCI || CACP || PDS ||  

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