(1)  Subject to the provisions of this Act, it shall be the primary duty of the Corporation to undertake the purchase, storage, movement, transport, distribution and sale of foodgrains and other foodstuffs.

   (2)  Subject as aforesaid, the Corporation may also, with the previous approval of the Central Government,—

   (a)  promote by such means as it thinks fit the production of foodgrains and other foodstuffs;

   (b)  set up, or assist in the setting up of, rice mills, flour mills and other undertakings for the processing of foodgrains and other foodstuffs, and

   (c)  discharge such other functions as may be prescribed or as are supplemental, incidental or consequential to any of the functions conferred on it under this Act.