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Key Points

Finance Minister Nirmala Sitharaman inaugurated SPMCIL's new corporate office, emphasizing the corporation's critical role in India's economic and security infrastructure. She praised SPMCIL's innovative approach, highlighting its production of commemorative coins and contributions to national identity. The new facility is expected to improve administrative efficiency and reduce operational costs. SPMCIL continues to be recognized as a model public sector enterprise committed to self-reliance and technological innovation.

Key Points: Sitharaman Highlights SPMCIL's Role in India's Economic Security

  • SPMCIL plays crucial role in printing currency, passports, and national medals
  • Corporation demonstrates strong financial performance and self-reliance
  • New corporate office marks significant milestone in organizational growth
2 min read

SPMCIL key in strengthening India's economic, security printing framework: FM Sitharaman

Finance Minister praises SPMCIL's innovation, self-reliance, and critical contributions to national security printing and cultural representation

"Our souvenir coins represent Brand India and reflect our rich cultural heritage - Nirmala Sitharaman"

New Delhi, June 10

Finance Minister Nirmala Sitharaman, while inaugurating the Security Printing and Minting Corporation of India Limited’s (SPMCIL) new corporate office here, has said that the corporation’s role is pivotal in strengthening India's economic and security printing framework, and its commitment to innovation, self-reliance, and sustainability is commendable.

In her keynote address, the Finance Minister emphasised that the new facility would result in substantial cost savings on lease rentals while also improving administrative efficiency, internal coordination, and employee engagement.

Commending the corporation’s issuance of 210 commemorative coins to date, including 105 in the last decade, and underscored that its souvenir coins have come to represent Brand India, while serving as prestigious and meaningful gifts that reflect the nation’s rich cultural heritage, Sitharaman highlighted that SPMCIL’s products, including currency notes, coins, passport paper, postal items, etc. that are integral to the functioning of the nation.

The minister particularly appreciated the souvenir coins themed on the Panchatantra, noting the positive public reception and cultural significance of the collection and also acknowledged SPMCIL’s key role in producing national medals and medallions, including the Bharat Ratna, which represent the highest civilian honours.

She also acknowledged SPMCIL’s capabilities in gold and silver refining and its strong financial performance, including entire loan repayments in FY 2016-17 itself, and encouraged SPMCIL to further strengthen its supply chain management.

Union Minister of State for Finance, Pankaj Chaudhary, expressed pride in the corporation’s significant achievements and lauded SPMCIL’s pivotal role in strengthening India's economic and security printing framework while commending its commitment to innovation, self-reliance, and sustainability.

Highlighting SPMCIL’s strong financial performance, Chaudhary underscored its contribution as a model public sector enterprise, including, self-reliance through the indigenous development of banknote ink, passport paper, and other critical security materials.

He also congratulated the SPMCIL board, management, and employees for their efforts, and encouraged the corporation to continue its pursuit of excellence and aspire for Navratna status, reaffirming the support of Ministry of Finance in this journey.

SPMCIL Chairman and Managing Director, Vijay Ranjan Singh, said the new office marks a significant milestone in SPMCIL’s growth journey and reflects its commitment to efficiency, innovation, and nation-building.

—IANS

- IANS

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Reader Comments

R
Rahul K.
Great to see our institutions becoming more self-reliant! 🇮🇳 The Panchatantra coins are such a wonderful way to showcase our cultural heritage. Hope SPMCIL continues this trend with more themes from Indian epics and folk tales.
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Priya M.
While the achievements are commendable, I wish SPMCIL would focus more on modern security features for our currency notes. Many countries have advanced holograms and polymer notes - we should match global standards to prevent counterfeiting.
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Arjun S.
The Bharat Ratna medals made by SPMCIL are truly world-class! Had the privilege of seeing one up close at a museum. Makes me proud that such important national symbols are made with indigenous expertise. Jai Hind!
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Sunita R.
Cost savings on lease rentals is good, but hope they invest those savings in employee welfare too. These workers handle sensitive national security materials - they deserve good facilities and benefits.
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Vikram J.
The commemorative coins make excellent gifts for foreign delegates. Recently gifted the Konark Sun Temple coin to a German colleague who was fascinated by our architecture. More such initiatives please!
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Neha P.
Impressed by the loan repayment achievement! Shows financial discipline. Hope other PSUs learn from SPMCIL's example. At the same time, they must maintain quality - no compromise when it comes to currency and security documents.

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