EDC Limited spells out a legacy of financial excellence, infrastructure development, and unwavering commitment to Goa’s progress.
EDC Limited is a premier financial institution based in Goa, formerly known as the Economic Development Corporation of Goa, Daman & Diu. Established on 12th March 1975, the Corporation has played a pivotal role in fostering economic development and industrial growth in Goa over the past 50 years.
EDC has successfully adapted to evolving business environments over the years, consistently meeting the expectations of its stakeholders while ensuring
sustainable results. Successive governments, Chief Ministers, Chairpersons, Managing Directors, employees, and loyal customers have all played a pivotal role in strengthening the Corporation’s financial position. Today, EDC stands as one of the leading state-level nfinancial institutions in the country and was honoured with the Outstanding SIDC of India award in 2022 by COSIDICI.
In celebration of its 50th anniversary, EDC Limited hosted a cultural programme at Panjim Gymkhana, which brought together former and current employees, Board members, Chairmen, and other stakeholders of the Corporation.
The event was graced by the presence of former Chairmen of EDC, including Sadanand Shet Tanavade, Krishna Kuttikar, Felix De Lima, Siddharth Kunkolienkar, and Santosh Kenkre. Chief Minister of Goa, Dr Pramod Sawant, felicitated all past Chairmen of EDC, along with Arvind Mauzo, the Corporation’s first employee. Notable attendees included Shrinivas Dempo, Nitin Kunkolienkar, Uday Kamat, Ralph de Sousa, Yatin Parekh, P. S. Reddy, Sanjay Satardekar, Sandip Bhandare, as well as all former Managing Directors of EDC and other distinguished guests. The current Board Members, including Mark Mendes, C.A. Jairam Kholkar, Adv. Deepak Tilve, Adv. Yatish Naik, and C.A. Chetna Shetty, also participated in the event.
The celebration was a grand success, evoking nostalgic memories of the Corporation’s journey over the past five decades. The current Managing Director, B. S. Pai Angle, welcomed the gathering and highlighted EDC’s growth, its role in fostering entrepreneurship in Goa, and its continued profitability over the past 20 years. He also noted that the Corporation’s Non- Performing Assets (NPA) stood at less than 1%, one of the best performances in the country.
Sadanand Shet Tanavade, Member of Parliament (Rajya Sabha) and former Chairman of EDC Ltd, praised the Corporation’s success and commended the Chief Minister for ensuring the Corporation’s operations remained politically independent, which contributed to its achievements. He also emphasised EDC’s role in supporting the Government, including its management of the flagship Chief Minister’s Rozgar Yojana (CMRY) scheme and regular payment of dividends and interest to the Government of Goa.
In his speech, Chief Minister Dr Pramod Sawant encouraged other government corporations to follow EDC’s example of professionalism. He proposed that EDC should explore new ventures, such as a project akin to Patto Plaza, and suggested that the Corporation should consider developing
projects near the Mopa Airport. The Chief Minister praised EDC’s contribution to Goa’s infrastructure and industrial growth.
To commemorate this significant milestone, a special souvenir and a corporate video capturing EDC’s 50-year journey were unveiled by Dr Pramod Sawant. The event concluded with a cultural programme, including staff performances such as a Ganesh Vandana, followed by a vote of thanks from Ashwin Kamat.
Earlier, a press conference was held at Hotel Fidalgo to reflect on EDC’s achievements over the past 50 years and celebrate the first anniversary of the EDII, Goa Centre. The history of EDC is rich in achievements. The Corporation
has provided over `3,000 crores in financial assistance through term loans to more than 11,500 industrial and service sector projects, many of which have
generated significant economic activity and revenue for the state. EDC’s support has also created thousands of jobs, contributing to alleviating unemployment in Goa.
Key Features of EDC Limited:
a. EDC Limited implements several flagship schemes of the Government of Goa, including:
i. Chief Minister’s Rozgar Yojana (CMRY Scheme): This scheme promotes selfemployment by offering loans at a concessional rate of 2% per annum. Over `300 crore has been sanctioned to more than 8,000 beneficiaries in Goa.
ii. Goa Tribal Employment Generation Programme (GTEGP): This programme
offers loans at an interest rate of just 2% per annum, along with a 40% subsidy on the principal amount.
iii. Term Loans for MSMEs: EDC provides loans for various sectors, including construction, professionals, and mortgage loans. Over `4,100 crore has been sanctioned to more than 13,000 beneficiaries across Goa.
iv. Mukhyamantri Modified Interest Rebate Scheme (MMIRS): This scheme results in an effective interest rate as low as 0.5% per annum for eligible units. Over `30 crore in subsidies have been disbursed under this scheme.
b. EDC’s Role in Supporting Enterprises:
i. Goa Electronics Limited: The Corporation helped establish this software company to assist the government in digitising its operations.
ii. Goa Antibiotics & Pharmaceuticals Limited: This company, also supported
by EDC, is engaged in the pharmaceutical sector across Goa.
iii. Government Corporations: EDC has been instrumental in promoting corporations like the Goa State Infrastructure Development Corporation and the Sewerage & Infrastructure Development Corporation of Goa.
c. Personal Loans: EDC also provides personal loans to government employees at an interest rate of 10.5% per annum, with total loans sanctioned exceeding `139 crore.
d. Total Loans Sanctioned: EDC has sanctioned over `4,400 crore under various schemes.
e. Infrastructure Development: EDC developed Patto Plaza, which houses numerous private and government offices, thereby decongesting Panaji. EDC has also funded several government-owned infrastructure corporations in Goa, such as the Goa State Infrastructure Development Corporation and the Sports Authority of Goa.
Profitability and Performance:
EDC Limited is a professionally managed organisation and stands as one of the few state government profit-making
corporations. Originally infused with a share capital of `100 crore, EDC has
grown this to over `800 crore through superior financial management and practices. The Corporation consistently pays dividends to the Government of Goa, ensuring its financial independence. With Non-Performing Assets (NPAs) of less than 1%, EDC has outperformed many banks and non-banking financial companies (NBFCs) in India, demonstrating a robust loan appraisal process.
Corporate Social Responsibility:
In line with its commitment to fostering economic development in the state, EDC has consistently fulfilled its Corporate Social Responsibility (CSR) obligations. Since 2016, the Corporation has supported a variety of initiatives undertaken by schools, colleges, panchayats, government departments, and other organisations, aiming to benefit all sections of society across Goa.
In 2019, EDC contributed `50 lakhs to the Chief Minister’s Relief Fund to assist flood victims in Canacona. Similarly, in 2020, the Corporation donated `100 lakhs to the Chief Minister’s Relief Fund to support the fight against
COVID-19. In the recent fiscal year 2024-25, EDC has been entrusted by the state government to facilitate the establishment of the Entrepreneurship Development Institute of India (EDII), Goa Centre. The centre, now operational, conducts entrepreneurship awareness and development programmes, funded through EDC’s CSR initiatives.
EDC believes that with the government’s provision of education, skilling, affordable finance, and now entrepreneurial education,entrepreneurship in Goa will see significant growth, contributing to the state’s economic development in the years ahead. As EDC continues to diversify its services, it remains a trusted and results-oriented financial institution, committed to fostering growth and providing confidence within the financial sector.
