Piyush Goyal asks SPMCIL to expand export footprint

Finance Minister Piyush Goyal on Sunday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to tap its full potential and expand export footprint so that profit can grow exponentially.

“I am told that the company has already initiated talks with some countries for minting of coins and you have potential to export to African and European countries,” he said at the 13th foundation day event of SPMCIL in New Delhi.

The company should have huge outreach programme and try to get big orders in the area of minting of coins, printing of currency notes and postal stamp etc, he said, adding that it should dream big and think of achieving profit of ~6,000 crore.

The company should also focus on modernisation of its nine production units across the country so that it can get export order, Goyal added. SPMCIL, which earned a profit of ~630 crore last fiscal, is engaged in the production of currency and bank notes, Security Paper, postal stamps, security inks, and commemorative coins.