“The recovery rate under CMRY has touched 93.37 per cent, which is better and higher than last year’s recovery of 92 per cent”
Siddarth Kuncalienkar
EDC Chairman
State-run Economic Development Corporation (EDC) has earned a net profit of ₹56.35 crore during the last financial year 2017-2018.
According to EDC Chairman Sidharth Kuncalienkar, “During the last financial year, EDC earned a profit of ₹86.45 crore which included ₹22.81 crore worth tax.” EDC’s net profit was ₹56.35 crore.
Through the Chief Minister Rozgar Yojana (CMRY), the EDC had sanctioned loans amounting to ₹177 crore to 6600 entrepreneurs in the state.
“The recovery rate under CMRY has touched 93.37 per cent, which is better and higher than last year’s recovery of 92 per cent,” Kuncalienkar said adding that the EDC currently creates three entrepreneurs every day. As far as the term loan scheme was concerned, EDC had sanctioned loans amounting to various industries, businesses and corporates. “We have disbursed ₹197.82 crore and outstanding loans are amounting to ₹886.16 crore,” he stated. Additionally, the EDC has also been given the responsibility of creating a convention centre for hosting the International Film Festival of India (IFFI).
“The state government has given us the responsibility to create the infrastructure for hosting the 50th edition of IFFI. We have been focusing on the promotion of tourism, and along with our scenic beauty we have managed to attract nearly a lakh tourists last year. But we have not been able to tap MICE tourism. We plan to do this through this convention centre which will be able to accommodate 5000 people. The estimated cost of the same would be ₹1200 crore approximately,” Kuncalienkar informed.
Nonetheless, EDC had also sanctioned ₹5 crore towards CSR activities such as education, welfare of senior citizens and maintenance of heritage monuments.
EDC had also managed to allot 44 units to various companies in the EDC Ignite Incubation Centre.
“EDC has tied up with Amazon and they have agreed to support the EDC Ignite Innovation incubatees by providing technical support to guide the startups that are being incubated here as well as help market their products on the Amazon platform free of cost,” Sidharth Kuncalienkar informed
