NITI Aayog Partners with GNFC Ltd to Implement Fertilizer Subsidy Disbursement (Download PDF)

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NITI Aayog & Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) have signed Statement of Intent (SOI) to work together towards implementing Proof-of-Concept (“PoC”) application using Blockchain Technology for fertiliser subsidy management on 30th June, 2018.

Image of NITI Aayog Partners with GNFC Ltd

Image of NITI Aayog Partners with GNFC Ltd

Image of NITI Aayog Partners with GNFC Ltd

Objective:

  • This will enable NITI Aayog to suggest policy recommendations & actions in strengthening subsidy mechanism.

Need for Implementing Blockchain Technology in Fertilizer Subsidy Disbursement

  • There are multiple entities involved in verification process, & transaction process which is why subsidy disbursal takes 2 to 3 months’ time.

  • W/implementation of Blockchain Technology, it is expected that distribution will become effective & efficient, & subsidy transfer could be automated & made real time.

  • It has inherent characteristics of distributed computing & ledger keeping of transactions i. e. confidentiality, authenticity, non-repudiation, data integrity, & data availability.

  • Blockchain based process will use Smart Contracts which will enable quick & accurate reconciliation of transactions b/w multiple parties w/minimal human intervention.

About Subsidy Dispersal

  • Fertilizer units manufacture approx. 31 Million MT of fertilizers across country, where total approx. Rs. 70,000 Cr. of subsidy is disbursed to manufacturing units.

Gujarat Narmada Valley Fertilizers & Chemicals Limited

  • Founded in – 1976

  • Located – Bharuch, Gujarat

  • Joint Sector by Govt. of Gujarat & Gujarat State Fertilizers & Chemicals Ltd.

- Published/Last Modified on: September 9, 2018

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