Guwahati News Desk: North Eastern Development Finance Corporation Limited (NEDFi) held its 26th Annual General Meeting on 23rd November, 2021at its registered office at Guwahati to present its Annual Report for the Year 2020-21 to the shareholders. While welcoming the shareholders CMD NEDFi Shri PVSLN Murty shared the CMD ‘s speech highlighting its achievements .
Despite the unstable economic scenario due to pandemic, the Corporation anticipated the challenges early and made continuous and rigorous efforts to improve its working results and has successfully demonstrated its inherent strengths and resilience by recording appreciable growth. During FY 2020-21, the Corporation generated Rs 1,700 crore-Rs 1,800 crore of capital investments in the region. In FY 21, the gross income of the Corporation increased year-on-year by 16.97 per cent. The North East Venture Fund, set up jointly with the Ministry of DoNER and SIDBI with a corpus of Rs 100 crore, is operated and managed by NEDFi Venture Capital Ltd. (NVCL). The Fund promotes and supports startups, early stage and growth stage Companies with new products and technologies or innovative business models.
The Corporate Social Responsibility (CSR) policy of the Corporation focuses on women empowerment, livelihood enhancement projects, employment enhancing vocational skills and development of craft sector in the rural and backward areas. The Corporation is also facilitating marketing support to the artisans of the region through participation in exhibitions, trade fairs and sales through its various showrooms. During the year, a total of 707 artisans were benefitted from the marketing support initiatives of the Corporation.
The spread of COVID-19 across the globe has resulted in decline in economic activities and increase in volatility in financial markets. In this situation, though the challenges continue to unfold, the Corporation is bracing itself on all fronts to meet the same. The objective of the Corporation is to bring down the credit cost for the needy and first generation entrepreneurs through required intervention, stated a press release.