State Trading Corp to diversify

11 Jul '05

3 min read

The State Trading Corporation of India (STC) has unveiled a host of new initiatives and diversification plans to achieve higher turnover and profitability in its Golden Jubilee Year.

Import of FMCG goods, non-ferrous metals, taking mining capacity on lease and entering into joint ventures with reputed Indian companies for mining are some of the measures already pursued by the Corporation this year. Apart from this, the Corporation will commence the import of IT products shortly.

In one of the landmark achievements in the year 2004-05, the Corporation recorded an all time high turnover of Rs.9700 crore as against Rs.6750 crore set in the target for the year.

In the export front, the Corporation has made highest ever export of chemicals, drugs & pharmaceuticals items amounting to Rs.227 crore compared to negligible figures to the previous years. The Corporation has also made headway in the export of iron ore by successfully effecting shipments worth Rs.8.5 crore. In another pioneering initiative, the Corporation earned Rs.11 crore last year by the export of teak wood. The Corporation plays a facilitative role to exporters by providing technical, marketing and financial assistance.

Arranging import of machinery and raw material for export production, setting up design centres, providing testing laboratories, taking products of small manufacturers to overseas markets by organising their consortia, participation in exhibitions and trade fairs both within India and abroad give the much needed fillip to the small and medium entrepreneurs.

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