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👉 Check Today's Deals on Amazon IndiaGovernment Approves Rs 1,800 Crore Investment
In a significant move, the Indian government has approved a proposal worth Rs 1,800 crore to establish a new Cylindrical Mould Watermark Banknote (CWBN) line. This initiative aims to meet the growing demand for high-security, durable paper used in various applications such as currency notes, non-judicial stamp papers, and passports.
Capacity and Replacement of Old Machinery
The Cabinet Committee on Economic Affairs (CCEA) sanctioned this proposal on Wednesday. The new line will comprise advanced machinery to replace two of the three existing production lines at the Security Paper Mill (SPM) in Narmadapuram, Madhya Pradesh. The current lines have been operational since the 1970s.
With the introduction of the new line, SPM is set to enhance its annual production capacity to approximately 12,000 tonnes of high-security papers.
Environmental Considerations and Future Outlook
Officials have indicated that the new machinery will be environmentally friendly and will contribute to significant water savings. The decision was driven by the rising number of passports issued annually, which is projected to exceed 14 million (1.4 crore) in the fiscal year 2024-25. Additionally, there is an increasing demand for stamp paper and sovereign security papers due to the continuous replacement of old banknotes.
According to an official, “This investment will ensure self-sufficiency for decades to come.”
Procurement of Machinery and Key Role of SPM
To procure the necessary machinery, global tenders will be floated by the relevant agency. The Security Paper Mill, formerly known as Hoshangabad, operates as a crucial unit under the Security Printing and Minting Corporation of India Limited (SPMCIL), specializing in the production of top-quality paper for Indian banknotes, non-judicial stamps, and passports.
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