It should be a matter of pride for all of us that the entire requirement of the country’s currency needs – this year’s estimate is of 17 billion pieces – is printed within the country. However, for the main raw material required for this – the banknote paper – we are heavily dependent on imports.
The existing facility at Hoshangabad meets just 5 per cent of our requirement. We need to significantly increase our self-sufficiency in this regard for a number of operational, economic and strategic reasons. Producing our own paper is decidedly cheaper, and importantly a check against counterfeiting. The banknote paper market is a strong oligarchy.