the goan I network
PANAJI
EDC posted a much improved performance for the year 2016-17, as it reported a profit of Rs 61.26 crore in the year, significantly higher than the Rs 46 crore profit reported in
2015-16.
Speaking to media persons after a board meeting, Sidharth Kuncalienker, chairman of EDC, said, "The interest income on loans increased by Rs 12 crore in 2016-17, which was the most important factor contributing to the growth in profit. We are working on non-performing assets (NPAs) as well. Our net NPAs stood at a mere 1.28% at the end of 2016-17."
It was further informed that EDC sanctioned Rs 239.9 crore worth of loans and disbursed Rs 319.9 crore during 2016-17. The corporation's term loans stood at close to Rs 880 crore at the end of Rs 2016-17.
Kuncalienker further said, "Out of Rs 880 crore term loans, around Rs 200 crore are to the state government, as we provide funding to corporations like GSIDC."
EDC's mandate is to give loans to needy sections of society so that they can utilise the funding and become entrepreneurs. EDC gives huge concessions to entrepreneurs wanting to start businesses in the backward talukas of
the state.
Kuncalienker informed, "We have taken a decision that we will give rebate if the loan payment is prompt."
Meanwhile, EDC has modified the Chief Minister Rojgar Yojana (CMRY) Scheme by increasing the age limit to 45 years for becoming eligible under the scheme.
Buoyed by good performance, the board of EDC has proposed a dividend of 1%, which will amount to Rs 86.2 lakhs to the state government for 2016-17.
