SPECIAL POSTAL COVER TO MARK STC’s GOLDEN JUBILEE ON MAY 22
Date : 19 May 2006
Location : New Delhi
Shri Kamal Nath, Union Minister of Commerce & Industry, will be the Chief Guest on the occasion of Golden Jubilee Celebrations of STC here on 22nd May, 2006. To mark the celebrations, a Special Postal Cover will be released by the Minister for Communication & Information Technology, Shri Dayanidhi Maran, who would present the first cover to Shri Kamal Nath.
Over the past five decades, the Corporation made significant contribution particularly in the following areas: Trade with East European countries; Handling canalised exports and imports of items varying from small drugs to bulk commodities such as edible oils, cement, sugar, newsprint, wheat, urea, etc.; Price support operations to ensure remunerative prices to growers for their crops such as raw jute, shellac, tobacco and rubber; Assistance 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, etc.; Import of bulk quantities of essential consumer items like wheat and sugar, sometimes at very short notice etc.
STC has grown from strength to strength. Set up with a starting capital of Rs.1 crore, it has since raised its equity capital to Rs.30 crore, of which, Rs.28 crore has been added by way of capitalization of reserves. In addition, STC has reserves worth Rs.300 crore today. The Corporation has been consistently earning profits ever since its inception and has contributed a sum of about Rs.800 crore to the public exchequer by way of payment of dividends and taxes.
The State Trading Corporation of India Ltd. (STC) was set up in 1956 primarily with a view to undertake trade with East European Countries and to supplement the efforts of private trade and industry in developing exports from the country. The Corporation is registered as an autonomous company under the Companies Act, 1956 and functions under the administrative control of the Ministry of Commerce & Industry.