MMTC | ESTABLISHED IN 1963
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.
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.