PANAJI
With its robust financing of industrial and service projects both in the private and public sector, the Economic Development Corporation (EDC) Limited, has been the fulcrum of Goa's economic growth disbursing a whopping Rs 3,000-plus crore in term loans and boosting local entrepreneurship.
Some of the key areas where EDC steps in to provide capital to local entrepreneurs are through the Chief Minister's Employment Scheme (CMRY Scheme) which is designed to make local youth entrepreneurs.
In recent years, nearly Rs 300 crore has been disbursed to some 8,000-plus Goan youth under CMRY. These loans bear a repayment interest rate of just 2% per annum, according to EDC managing director, BS Pai Angle.
Tribal youth are another segment of Goan society who are disbursed loans for their enterprises at a bare minimum interest rate of 2% under the Goa Tribal Employment Generation programme.
Also, 40 per-cent of the principal loan amount is given to the tribal entrepreneur as a subsidy, he added.
Meanwhile, the biggest slice of EDC's industrial financing tale is cornered by the micro, small and medium enterprises sector through its term loan portfolio.
The EDC has thus far disbursed over Rs 4,100 crore in loans to enterprises in the construction sector, commercial service sector and housing sector.
Pai Angle said, a more recent instrument introduced by the State-owned finance corporation is the 'Chief Minister's Modified Interest Subsidy Scheme' which ensures the effective interest paid on their borrowings by beneficiary entrepreneurs is just 0.5 per-cent.
"More than Rs 30 crores of subsidy has been disbursed under this scheme," he said.
EDC also played a major role in establishing and financially hand-holding two key State government owned corporations -- Goa State Infrastructure Development Corporation and Goa Sewage and Infrastructure Development Corporation.
Goa State Infrastructure Development Corporation and the Sport Authority of Goa are also funded by the finance corporation.
