NT Reporter
Panaji
The Goa Economic Development Corporation (EDC) is facing intense scrutiny following a finance department review that has exposed a sharp decline in financial discipline under the Mukhyamantri
Rojgar Yojana.
While the Corporation successfully sanctioned approximately Rs 24.63 crore in self-employment loans during the review period, it has struggled to recover a staggering Rs 15.71 crore in outstanding dues. The report highlights a worsening trend: recovery rates have plummeted from 58% in 2022-23 to 38% in 2023-24, reaching a critical low of 22% in 2024-25.
The data reveals a widening gap between disbursement and realisation. In 2022-23, Rs 5.21 crore was disbursed with Rs 2.20 crore remaining outstanding. This worsened in 2023-24 as disbursements rose to Rs 9.87 crore with Rs 6.08 crore unpaid. By 2024-25, despite a similar disbursement of Rs 9.54 crore, the outstanding amount climbed further to Rs 7.42 crore. The finance department attributed this unsatisfactory performance to weak credit appraisal
processes.
It said the loans were sanctioned without adequate risk assessment or post-disbursement monitoring of project viability.
To safeguard public funds, the department has called for urgent reforms, including stricter appraisal norms and enhanced recovery mechanisms. Officials noted that the current lack of follow-up on repayments has compromised the Corporation’s financial health, necessitating immediate corrective measures to ensure the sustainability of the state’s flagship self-employment scheme.
