MAPUSA
Calling the State’s profit-making Economic Development Corporation (EDC) as “Swayampurna Corporation”, Chief Minister Pramod Sawant on Tuesday said like the EDC, all other State corporations should work to be self-sufficient instead of depending on the government for sustenance.
“The government can initially support them by funding the initial corpus amount. But many corporations still need financial support. That should not happen. They should run various activities to be self-sufficient just like the EDC does,” Sawant said.
He said the MD and the Board of Directors of the EDC have been very innovative while taking the activities of the corporation forward and therefore the corporation could make a profit.
The chief minister was addressing an event organised by the EDC at the premier financial institution’s headquarters in Panaji. Chairman of EDC Sadanand Tanavade along with the Managing Director of EDC K V Ballikar and other directors were also present.
On this occasion, the EDC chairman handed over a cheque of Rs 86.20 lakh to the CM as a dividend for the financial year 2019-20.
Sawant said for the last several years the EDC has been making a profit and therefore could share the dividend with the government and also conduct corporate social responsibility (CSR) activities.
He said any youth who wants to conduct business in the State pays a minimum interest rate of 0.5 to 2 per cent.
“I don’t think anyone can get a loan at such a low rate of interest in any other State. That is why awareness has to happen among youth and women so that people come up and avail the loan facility,” he said.
He further said that the EDC had future plans and would emerge stronger and remain financially sound.
“In the future EDC can finance startups. IT and EDC can combine and for those who are starting with a new start up policy…those youth who want to come into the IT business, we can help them,” he said.
