Piyush Goyal asks SPMCIL to ex­pand ex­port foot­print

Business Standard - - ECONOMY & PUBLIC AFFAIRS -

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.

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