Sitharaman Praises SPMCIL's Performance and Expects Navratna Status Soon

Finance Minister Nirmala Sitharaman praised the Security Printing and Minting Corporation of India Limited (SPMCIL) for its achievements. She expressed optimism about its potential to achieve Navratna status soon. Currently, SPMCIL is a Schedule A Miniratna Category-I company under the Department of Economic Affairs, Finance Ministry. The government awards Maharatna, Navratna, and Miniratna statuses to Central Public Sector Enterprises (CPSEs) based on specific criteria, including financial performance.

Representative image

In her address, Sitharaman highlighted SPMCIL's impressive financial track record. After restructuring its capital in 2015, the company fully repaid its loan with interest by 2016-17 and has continued to generate strong returns. In fiscal year 2023-24, it paid a dividend of Rs 364 crore, following a record Rs 534 crore dividend the previous year.

SPMCIL's Diverse Contributions

The Finance Minister inaugurated SPMCIL's Corporate Office and commended its diverse operations. These include printing currency notes, minting coins for circulation and commemorative purposes. Sitharaman noted that SPMCIL delivered approximately 3.4 metric tonnes of refined gold to the Reserve Bank of India from Customs department seizures. It also refined precious metals received from institutions like Tirumala Tirupati Devasthanams and Vaishno Devi Shrine Board.

During 2024-25, SPMCIL produced over 1,200 crore banknotes and 150 crore circulation coins. Additionally, it manufactured over 1.5 crore passport booklets and more than 700 crore Excise Adhesive Labels. The company also produced various categories of postal and security-related stationery essential for government and public services.

Promoting India's Cultural Heritage

Sitharaman expressed admiration for SPMCIL's souvenir coins, which significantly promote India's rich cultural heritage, history, and art. She noted that in free India's recorded history, a total of 210 commemorative coins have been issued. Notably, 105 of these were released in the last decade, celebrating events such as the 2900th birth anniversary of Jain Tirthankar Shri Parshvanath Bhagwan and the 550th Prakash Purab of Guru Nanak Dev.

The Finance Minister also mentioned that over 20,000 coins have been purchased by the public from the new series of colour souvenir coins. These coins are themed around Panchatantra stories, endangered species, and the Shri Ram Janmabhoomi Temple in Ayodhya.

Government Support for CPSEs

Minister of State for Finance Pankaj Chaudhary assured that the government would provide all necessary support to CPSEs to enhance their efficiency and profitability. This commitment underscores the government's dedication to bolstering public sector enterprises' performance.

Sitharaman expressed hope that SPMCIL would achieve Navratna status due to its consistent financial performance. The company's achievements reflect its significant role in supporting India's economic infrastructure through various essential services.

With inputs from PTI