**SPMCIL Poised for Navratna Status, Says Finance Minister**
Finance Minister Nirmala Sitharaman praised the achievements of the Security Printing and Minting Corporation of India Limited (SPMCIL) on June 9, expressing optimism that the organization will soon attain Navratna status. Currently classified as a Schedule ‘A’ Miniratna Category-I company under the Government of India, SPMCIL operates under the Department of Economic Affairs within the Finance Ministry.
The government designates Maharatna, Navratna, and Miniratna statuses to Central Public Sector Enterprises (CPSEs) based on specific criteria, including financial performance and net worth. During the inauguration of SPMCIL’s Corporate Office, Sitharaman highlighted the company’s significant contributions, which encompass the printing of currency notes, minting of coins for circulation, and producing commemorative coins. She expressed confidence in SPMCIL’s ability to achieve Navratna status due to its consistent financial success.
Following a capital restructuring in 2015, SPMCIL fully repaid its loans with interest by the 2016-17 fiscal year and has continued to generate robust returns. In the fiscal year 2023-24, the company declared a dividend of ₹364 crore, building on a record dividend of ₹534 crore from the previous year. Sitharaman noted that SPMCIL delivered approximately 3.4 metric tonnes of refined gold to the Reserve Bank of India, sourced from seizures by the Customs department. The company also refined silver and gold from various institutions, including the Tirumala Tirupati Devasthanams and the Vaishno Devi Shrine Board.
In the 2024-25 fiscal year, SPMCIL produced over 1,200 crore banknotes, 150 crore circulation coins, more than 1.5 crore passport booklets, and over 700 crore Excise Adhesive Labels, along with various postal and security-related stationery essential for government and public services. Sitharaman expressed admiration for the popularity of SPMCIL’s souvenir coins, which contribute to promoting India’s rich cultural heritage and history.
In free India’s history, 210 commemorative coins have been issued, with 105 released in the last decade, celebrating significant events such as the 2900th birth anniversary of Jain Tirthankar Shri Parshvanath Bhagwan, the 550th Prakash Purab of Guru Nanak Dev, and India’s G20 Presidency. The new series of color souvenir coins, themed around Panchatantra, endangered species, and the Shri Ram Janmabhoomi Temple in Ayodhya, has seen over 20,000 purchases by the public.
Minister of State for Finance Pankaj Chaudhary assured that the government would continue to support CPSEs in enhancing their efficiency and profitability.
**FAQ**
**What is the significance of SPMCIL achieving Navratna status?**
Achieving Navratna status would enhance SPMCIL’s operational autonomy, allowing it greater flexibility in decision-making and the ability to invest in new projects, ultimately contributing to its growth and the economy.
