Look for ways to stay relevant in digital era: FM Sitharaman to SPMCIL

Finance Minister Nirmala Sitharaman on Thursday asked Security Printing & Minting Corporation of India Limited (SPMCIL) to introspect about its future at a time when its core business of printing currencies is depleting and the country is moving towards the digital era.

“You are actually performing in an era where your core business will probably become a token rather than an all-pervasive carrier of the value of the currency. 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 the priorities of the country are moving,” Sitharaman said.

The Finance Minister was addressing the 19th Foundation Day celebrations of the SPMCIL in virtual mode.

Praising the State-owned company for keeping itself relevant at a time when minting coins in a digital era has become slightly jaded, Sitharaman also said, “The core jobs of printing currencies and minting coins are moving towards becoming celebratory, rather than a circulatory matter.”

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

SPMCIL has set the standards in gold and silver refining, and since the financial year 22-23, SPMCIL has refined 5,300 kg of seized gold. It has paid a dividend of Rs 533.77 crore for the financial year 22-23.

“I would leave the thought behind to the managers and also those who are part and parcel of running these institutions, as to how you transform yourself, how you walk on the bridge towards a new developed India, a new Digital India, and a new country which is looking forward to push all frontiers using technology,” Sitharaman said.

SPMCIL also manufactures security products like passports and non-judicial postal stamps. “You have really set the standards for a very progressive looking, e-passport track and trace system which is a very significant contribution towards ease of living and also for security prescription.”

Sitharaman also launched three souvenir coins of SPMCIL – a 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.