Indian Banknote Firm Eyes Global Growth

‘Make in India’, the long-running government-sponsored initiative to ‘on-shore’ production and reduce imports, is now resulting in Indian entities becoming global providers.

And whether originally planned or not, India’s march towards achieving self-reliance in the manufacture of all critical raw materials used in printing banknotes is entering a new phase as the government banknote printer and mint Security Printing and Minting Corporation of India Ltd (SPMCIL) is now actively targeting exports.

SPMCIL has recently won the contract to print 430 million Rs 1,000 and 300 million Rs 50 banknotes for Nepal, and has participated in various bids at other issuing authorities, signifying its global plans.

An invitation for bids for consultants/agencies to represent it globally for procurement related to banknotes, coins, excise labels, passports, security paper, security ink and other products tells a similar story. (Ref No: SPMCIL-16019/2/2022-MARKETING-SPMCIL/793. The deadline for bids is 28 July 2023).