SPMCIL key in strengthening India's economic, security printing framework: FM Sitharaman
Finance Minister Nirmala Sitharaman, while inaugurating the Security Printing and Minting Corporation of India Limited's (SPMCIL) new corporate office here, has said that the corporation's role is pivotal in strengthening India's economic and security printing framework, and its commitment to innovation, self-reliance, and sustainability is commendable.
In her keynote address, the Finance Minister emphasised that the new facility would result in substantial cost savings on lease rentals while also improving administrative efficiency, internal coordination, and employee engagement.
Commending the corporation's issuance of 210 commemorative coins to date, including 105 in the last decade, and underscored that its souvenir coins have come to represent Brand India, while serving as prestigious and meaningful gifts that reflect the nation's rich cultural heritage, Sitharaman highlighted that SPMCIL's products, including currency notes, coins, passport paper, postal items, etc. that are integral to the functioning of the nation.
The minister particularly appreciated the souvenir coins themed on the Panchatantra, noting the positive public reception and cultural significance of the collection and also acknowledged SPMCIL's key role in producing national medals and medallions, including the Bharat Ratna, which represent the highest civilian honours.
She also acknowledged SPMCIL's capabilities in gold and silver refining and its strong financial performance, including entire loan repayments in FY 2016-17 itself, and encouraged SPMCIL to further strengthen its supply chain management.
Union Minister of State for Finance, Pankaj Chaudhary, expressed pride in the corporation's significant achievements and lauded SPMCIL's pivotal role in strengthening India's economic and security printing framework while commending its commitment to innovation, self-reliance, and sustainability.
Highlighting SPMCIL's strong financial performance, Chaudhary underscored its contribution as a model public sector enterprise, including, self-reliance through the indigenous development of banknote ink, passport paper, and other critical security materials.
He also congratulated the SPMCIL board, management, and employees for their efforts, and encouraged the corporation to continue its pursuit of excellence and aspire for Navratna status, reaffirming the support of Ministry of Finance in this journey.
SPMCIL Chairman and Managing Director, Vijay Ranjan Singh, said the new office marks a significant milestone in SPMCIL's growth journey and reflects its commitment to efficiency, innovation, and nation-building.
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