Introspect on ways to stay relevant in India's journey to developed country: FM tells SPMCIL

With the India shifting to a more digitalised economy, finance minister Nirmala Sitharaman asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ways to keep up as its core business of printing currencies is depleting.

New Delhi: Finance Minister Nirmala Sitharaman on Thursday asked state-owned Security Printing & Minting Corporation of India (SPMCIL) to find ways to transform itself at a time when its core business of printing currencies is depleting because of India's transition to a digital economy.

Addressing the foundation day of SPMCIL, Sitharaman said at a time when minting coins in a digital era has become slightly jaded, the corporation has kept itself relevant by coming out with commemorative coins which can be gifted as souvenirs.

The commemorative stamps and coins produced by the organisation are reflective of India's branding, cultural and environment issues, she said.

SPMCIL has set the standards in gold and silver refining, and since 2022-23, SPMCIL has refined 5,300 kg of seized gold. It has paid a dividend of Rs 533.77 crore for 2022-23.

The core strengths of SPMCIL include manufacture of bank notes and coins, also commemorative coins, and security products like passport and non-judicial postal stamps.

Sitharaman said SPMCIL is performing in an era where its core business of minting currencies will probably become a token in a future era when there will be digital currencies.

"So you have to look at and introspect as to how, when the core business is getting depleted, not because of your performance but because we are moving to a digital era, what is it that you have for the future.

I would leave this thought behind for the managers and all those who are part and parcel of running this institution as to how you transform yourself, how you walk on the bridge to a new developed India, a new digital India and a new country looking forward to pushing all frontiers using technology," the minister said.

Sitharaman also launched three souvenir coins of SPMCIL --- coloured coin on one-horned rhino, bi-metallic coins on enlightenment of Buddha, and a coloured coin on Ayodhya Ram Mandir with Ram Lalla on one side and Ram temple on the other side.

The minister further said SPMCIL's e-passport track and trace system is a significant contribution towards ease of living.