How is SPMCIL Strengthening India’s Economic and Security Printing Framework?

New Delhi, June 10 (NationPress) In a significant event, Finance Minister Nirmala Sitharaman inaugurated the new corporate office of the Security Printing and Minting Corporation of India Limited (SPMCIL). She highlighted the corporation's crucial role in fortifying India's economic and security printing landscape, praising its dedication to innovation, self-reliance, and sustainability.

During her keynote speech, the Finance Minister noted that this new facility would lead to considerable cost reductions on lease expenses while enhancing administrative efficiency, internal coordination, and employee involvement.

She commended SPMCIL for its issuance of 210 commemorative coins, including 105 in the past decade, and pointed out that these souvenir coins have become symbolic of Brand India, serving as prestigious gifts that embody the nation's rich cultural heritage. Sitharaman emphasized that SPMCIL’s products, such as currency notes, coins, passport paper, and postal items, are essential to the country’s operations.

The minister particularly lauded the souvenir coins inspired by the Panchatantra, highlighting their positive reception and cultural importance. She also acknowledged SPMCIL’s significant role in producing national medals and medallions, such as the Bharat Ratna, which signify the highest civilian accolades.

Furthermore, she recognized SPMCIL’s proficiency in gold and silver refining, alongside its robust financial performance, including the complete repayment of loans in FY 2016-17, and encouraged the corporation to enhance its supply chain management.

Union Minister of State for Finance, Pankaj Chaudhary, expressed pride in SPMCIL’s notable accomplishments and praised its essential function in bolstering India's economic and security printing framework, commending its commitment to innovation, self-reliance, and sustainability.

Chaudhary highlighted SPMCIL’s strong financial standing, underlining its model status as a public sector enterprise through the indigenous development of vital materials like banknote ink and passport paper.

He congratulated the SPMCIL board, management, and employees for their dedication and urged the corporation to continue striving for excellence and aim for Navratna status, reaffirming the Ministry of Finance's support in this endeavor.

SPMCIL’s Chairman and Managing Director, Vijay Ranjan Singh, remarked that the new office signifies a key milestone in SPMCIL’s growth trajectory and showcases its commitment to efficiency, innovation, and nation-building.