METAL MA­NIA

MMTC | ES­TAB­LISHED IN 1963

India Today - - STATES - —Sh­weta Punj

MIN­ING STAGE

It is one of the high­est earners of for­eign ex­change for In­dia and is the coun­try’s largest pub­lic sec­tor trad­ing body, han­dling ex­port of coal, iron ore and man­u­fac­tured agro and in­dus­trial prod­ucts. It is In­dia’s largest trad­ing com­pany with a net­work across Asia, Europe, Africa, Ocea­nia and Amer­ica. It is also the largest player in bul­lion trade. MMTC was in­cor­po­rated on Septem­ber 26, 1963. With the State Trad­ing Cor­po­ra­tion’s di­rect trad­ing ac­tiv­i­ties grow­ing rapidly and great em­pha­sis be­ing laid on min­eral ore ex­ports, the gov­ern­ment de­cided to bi­fur­cate the cor­po­ra­tion to cre­ate an en­tity that would deal ex­clu­sively with trade in min­er­als and me­tals—and MMTC was born.

The com­pany played a sig­nif­i­cant role in de­vel­op­ing In­dia’s ex­ports be­yond min­er­als and also emerged as a hall­mark of pu­rity in gold. It opened up the Euro­pean mar­ket for In­dian iron ore. It im­ported gold and sil­ver against a special im­port li­cence for In­dian con­sumers and opened new vaults at Hy­der­abad and Vizag. It also be­came the only gov­ern­ment-owned en­tity to get into re­tail­ing of jew­ellery, of­fer­ing cus­tomers fair prices and au­then­tic­ity. MMTC paved the way for In­dia’s trade dy­nam­ics with the world and, in a way, demon­strated what In­dia was ca­pa­ble of ac­com­plish­ing. It was also a ma­jor con­trib­u­tor of pre­cious for­eign ex­change, which aided the coun­try in many fi­nan­cially pre­car­i­ous sit­u­a­tions.

STRIK­ING GOLD

MMTC aims to im­port Rs 8,000 crore worth of gold in the fi­nan­cial year 2017-18 against Rs 6,500 crore in 2015-16. It is gear­ing up to auc­tion gold mo­bilised un­der the gold mon­eti­sa­tion scheme. It has also en­tered into a part­ner­ship with Paytm to en­cour­age in­vest­ment in gold dig­i­tally.

ALL THAT GLIT­TERS An MMTC show­room in Delhi

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