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It is a statutory non-profit organization founded and run by Government of India and state Governments.
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It was created in 1965 under Food Corporations Act 1964, to implement objectives of National Food Policy.
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Initially headquartered at Chennai it was later shifted to New Delhi.
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As it is a state-owned enterprise, it has presence in every state in India.
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FCI Objectives :
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Safeguarding farmers interests by providing them remunerative prices.
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Making food grains available at reasonable prices throughout the country (for public distribution system), particularly for vulnerable section of society.
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Intervening in market for price stabilization.
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Maintaining buffer stocks as a measure of Food Security.