Arunachal move to tap resources

GUWAHATI, May 2 ? The Industrial Finance Corporation of India Ltd (IFCI Ltd) has drawn up a detailed programme to assess the industrial and tourism potentialities of Arunachal Pradesh by tapping its rich natural resources for generating more employment opportunities. Mentionably, the Corporation has been appointed a nodal agent for the tourism sector in the north-eastern region by the Government of India. It is the first development financial institution set up as statutory corporation in 1948 to encourage and assist industrial development in India. It was restructured and incorporated as a company in 1993 under the Companies Act, 1956. The Corporation, in a release, stated that its operational thrust area is the development of tourism in Arunachal Pradesh, alongwith the Tourism Finance Corporation of India Ltd ? a specialised financial institution dedicated to the development of the tourism sector. It further announced that the IFCI will continue to play a major role in development of Arunachal and boost the socio-economic state of the people. The Corporation is also willing to land its expertise to promote the industrial sector in this hill state. As a step forward to carry on the plans, AK Das Head of north eastern region and deputy general manager of IFCI, stationed at the north-eastern Headquarter at Guwahati, is visiting Itanagar, from May 5 to 7. There will be a joint meeting with the State Chief Minister Mukut Mithi, Minister of Industries Tsering Gyurmny, Minister for Cultural Affairs & Tourism Lombo Tayeng, chief secretary and high officials of the Industries and Tourism Department of the Government of Arunachal Pradesh. Das will also call on the Governor of Arunachal Pradesh Arvind Dave on May 6. He will further visit the areas which are havingtourism potentialities. It may be mentioned that IFCI?s financing operations principally include ? project Financing and Financial Services. Comprehensive Corporate Advisory Services Project financing is the core business of IFCI. Financial assistance is provided by way of medium and long term credit for setting up new projects, their expansion or diversification schemes. IFCI also finances modernisation and balancing schemes of existing projects. In the north-eastern region, IFI has its only office at Guwahati. IFCI Guwahati office has been working since 1971 and it has so far sanctioned in the north-eastern region more than Rs 350 crore to various concerns comprising of jute, textile, gas & petrochemicals, steel and tubes, sugar, cement and fertilisers etc. As on date, IFCI has got 50 project cases, comprising outstanding loans (including interest) of Rs 500 crore. In the state of Arunachal Pradesh, IFCI has financed only two companies (viz (i) Enpro India Ltd, (ii) Lalpur Wood Products (Pvt) Ltd). The Arunachal Pradesh government has offered different incentive schemes for setting up industries. In addition to the above, IFCI is raising funds ie resource mobilisation by way of PP Bonds, Inter Corporate Deposits and IFCI Family Deposits with return of high interest rate and high safety to the investors. The state government may also deposit the State Relief Fund in IFCI?s different investment schemes, it expressed in the release IFCI?s Family Deposits Scheme is a noble scheme for human development.