Following the announcement by Union Finance Minister Nirmala Sitharaman in this year’s budget speech on the asset monetization plan, the Food Ministry has reviewed the assets of Central Warehousing Corporation and Food Corporation of India (FCI).
It is estimated that the asset monetization plan for the Food Department can raise around 29,000 rupees over the next few years.
The CWC is known to be the first to seek monetization of its unused assets. Currently, CWC has 423 centers across India and a land pool of approximately 3,500 hectares.
In addition, the CWÜ was asked to consult experts in order to achieve the goal.
During the review of CWC, Goyal suggested that CWC develop a master plan for modernizing all 423 warehouses and undertaking inventory analysis for agricultural products and making plans accordingly.
CWC was also asked to double its warehouse capacity by the end of 2023 and achieve sales of Rs 10,000 billion by fiscal year 2024-25. The CWC warehouse currently has a storage capacity of 125 LMT.
He urged CWC to focus primarily on building a cold chain in the country and modernizing wheat and rice warehouses.