Food Ministry Re-assesses Asset Monetization Plan Fetching Rs 29000 Crore

Food Ministry and Union Minister of Food & Public Distribution and Consumer Affairs, Piyush Goyal has reviewed the modernization plan of Central Warehousing Corporation (CWC) along with the asset monetization plan.

Post the announcement made by Union Finance Minister Nirmala Sitharaman in this year’s Budget speech regarding the asset monetization plan, the food ministry has re-analyzed the assets of Central Warehousing Corporation and Food Corporation of India (FCI).

It has been roughly calculated that the asset monetization plan for the food ministry can fetch approximately Rs 29,000 crore in the coming few years.

As per the information, the CWC would be the first to go for monetization of its unutilized assets. Currently, CWC has 423 centers spanning throughout India and a land pool of about 3,500 acre.

Additionally, the CWC was also appealed to bring in experts to accomplish the goal.

In the interim, while reviewing CWC, Goyal advised that CWC should frame a master-plan for up-gradation of its all 423 warehouses and do the storage gap analysis for agricultural produce and accordingly prepare the strategies.

CWC was also urged to increase its warehouse storage capacity by two-times by end of year 2023 and achieve a turnover of Rs 10,000 crore by the Financial Year 2024-25. As of now, CWC warehouse storage capacity is 125 LMT.

Mr. Goyal requested CWC to concentrate on building cold storage chain in the nation on as per the priority along with up-gradation of the wheat and rice storage facilities.