The government has decided to shut down the 63-year-old State Trading Corporation (STC), once among the largest public sector companies, along with PEC (earlier Project and Equipment Corporation of India Ltd), which are remnants of the “import-licence raj”, when they were sole agencies responsible for routing foreign goods like second-hand cars, gold, urea and palm oil for Indians seeking access to global brands.
The government has decided to shut down the 63-year-old State Trading Corporation (STC), once among the largest public sector companies, along with PEC (earlier Project and Equipment Corporation of India Ltd), which are remnants of the “import-licence raj”, when they were sole agencies responsible for routing foreign goods like second-hand cars, gold, urea and palm oil for Indians seeking access to global brands.
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