Finance Minister Piyush Goyal on Sunday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to tap its full potential and expand export footprint so that profit can grow exponentially.
"I am told that the company has already initiated talks with some countries for minting of coins and you have potential to export to African countries and European nations," he said at the 13th foundation day event of SPMCIL here.
The company should have huge outreach programme and try to get big orders in the area of minting of coins, printing of currency notes and postal stamp etc, he said, adding it should dream big and think of achieving profit of Rs 6,000 crore. The company should also focus on modernisation of its nine production units across the country so that it can get export order, Goyal added.
SPMCIL, which earned a profit of Rs 630 crore last fiscal, is engaged in the production of currency and bank notes, Security Paper, postal stamps, security inks, and commemorative coins.
Speaking at the occasion, Economic Affairs Secretary Subhash Chandra Garg said the company has become self sufficient in currency paper and one more mill that is proposed in Hoshangabad will take care of needs of currency paper requirement of Reserve Bank of India (RBI) printing press as well. Garg said new series of coins have been designed and remarkable feature of this series is that they are friendly to visually handicapped people.
The goal of the company should be also to develop security features of the currency notes as they are not indigenously designed currently, he said. The company, which is under administrative control of Department of Economic Affairs, the Ministry of Finance, had paid Rs 200 crore pidend to the government last financial year.
The revenue from operations of the company had decreased to Rs 4,445.16 crore in 2017-18 from Rs 5966.02 crore during the year 2016-17. The company had a Total Comprehensive Income of Rs 663.77 crore in the year 2017-18 as compared to Rs 615.68 crore in the year 2016-17.
Profit before Tax from continuing operations for the year 2017-18 was Rs 629.94 crore.