Amit Shah hails Cabinet nod to FCI equity infusion, 'PM Vidyalakshmi' scheme

New Delhi, Nov 6 (PTI) Union Home Minister Amit Shah on Wednesday hailed the Union Cabinet's approval for the infusion of Rs 10,700 crore as equity in the state-owned Food Corporation of India (FCI) for working capital requirement.

He said the move would make the PSU more capable of procuring and storing food grains, giving farmers better opportunities to sell their produce.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the infusion of equity of Rs 10,700 crore for working capital in the financial year 2024-25 in the FCI.

"The Modi government is continuously empowering farmers with farmer-friendly policies. Today, the Union Cabinet has approved an equity increase of Rs 10,700 crore for the Food Corporation of India for the financial year 2024-25. This will make FCI more capable of procuring and storing food grains, giving farmers better opportunities to sell their produce," Shah wrote on 'X' in Hindi.

The home minister said this is an important step towards ensuring food security by bringing stability to the distribution and prices of food grains.

In another post, Shah complimented the Union Cabinet's approval of the 'PM-Vidyalaxmi' scheme to provide monetary support to meritorious students so that financial constraints do not prevent them from pursuing quality higher education.

"Congratulations to our youth on the approval of the 'PM Vidyalakshmi' Scheme in the Union Cabinet today, removing a major obstacle on their path to success. By envisioning a guarantee-free and collateral-free educational loan scheme, Modi Ji has ensured that no student is deprived of the education they deserve because of their financial condition," he said.

The home minister said: "My heartfelt gratitude to Modi Ji for the landmark decision to provide our youth with the nurturing to bloom as the pioneers of our nation's future.