Shillong, May 27: The state Meghalaya Industrial Development Corporation is reaching the red mark in their functioning as the state government could not bail up the Corporation in the past few years.
The losses that the MIDC has made are mainly in the payment of salary to their subsidiary unit in the past years. The Bamboo Chip, The Meghalaya Watches and the Meghalaya Electronic Development Corporation since they have became white elephant for the MIDC.
Sources reveal that when the subsidiary unit is at the retch of closing down the state government has asked the MIDC to pay their salary of thus units with the promised that the government will refund back in due course of time.
The MIDC has asked the state government to refund the money since the corporation is in bad shape. Though at present they can still pay the salary of their staff but they are not in position to finance new industry in the state.
To revamp the aims and objective of the MIDC, the corporation need found from the open market so that they can finance cottage industry. The collection of debt from borrower is only 70% of loan that they have disbursed which put the MIDC in the red mark.(SP News)
