PANAJI
As against the profit after tax of `5.98 crore in the 2013-14 financial year, GSIDC registered `7.12 crore in 2014-15, marking the beginning of a story of fiscal growth. The total revenue of the corporation stood at `484.21crore in 2014-15. On the other hand, the total expenses of GSIDC were pegged at `475.24 crore. Though the revenue figures have risen by `107.87 crore since the previous financial year, annual expenses too have shown a whopping increase of `169.28 crore. The net construction bill and other expenses of GSIDC, including those charged to the State government, doubled over the last year with the figures, thus displaying an increase of 55 per cent, from `298.25 crore in 2013-14 to `463.48 crore in 2014-15. In addition to this, during 2014-15, out of the total construction and related expenses, those charged to government of Goa stood at `432.69 crore, an increase of `153.88 crore. Construction and related expenses were incurred by GSIDC in order to create infrastructure including `83.33 crore for bridges, `62,22 crore for hospitals and related projects, `222.55 crore for public buildings, `432.69 for IFFI and `55.61 crore for roads. In the financial year 2014-15, GSIDC spent `28.65 crore solely on repaying interests and on servicing its outstanding loans. The short term borrowings of the corporation stand at `601.27 crore and its long-term borrowings have been pinned at `232.37 crore. Though the corporation has not defaulted in repayment of interest and principal amount in the loans it has secured, it is has contingent liabilities of around `14.31 crore, excluding the interests and land-related matters, through a total of 51 cases filed in various courts of law ranging from the National Green Tribunal to the district and sessions Courts. Interestingly, GSIDC devoted `36.49 crore in 2014-15 towards payment of salaries and wages of its employees and `17.84 lakh as remuneration for its Managing Director Sanjit Rodrigues. Interestingly, the MD was paid almost `4 lakh to attend board and committee meetings. Additionally, Chairperson Sanquelim MLA Dr Pramod Sawant took home a salary of `8.40 lakh and vice-chairperson Panaji MLA Siddharth Kuncalienkar received Rs 3.16 lakh. However, unlike the chairperson, the vice-chairperson also claimed around `2 lakh of other benefits such as entertainment, expenses on car and telephone expenses.
