Agartala: The Tripura Industrial Development Corporation (TIDC) has registered a record hike in revenue generation in the just-concluded financial year.
The industrial body, established in 1974 to oversee industry-related issues and facilitate growth in the industrial sector, received a substantial boost after Prime Minister Narendra Modi launched multiple schemes to incentivize private investment in the Northeast, particularly in the state of Tripura.
TIDC chairman Nabadal Banik told Business North East that after the first BJP government was formed in 2018, several initiatives were undertaken to create a conducive atmosphere to attract private investments in the state.
“Though we suffered initial losses, we developed industrial infrastructure and logistics support was extended from the government and TIDC. Different schemes such as MSME, Swabalamban, KVIC, and NMB were implemented in letter and spirit, which led to the growth. I have also taken several initiatives to ensure that deserving aspirants get loans and other benefits in time,” he said.
He further mentioned that several renowned companies like North East Biniar Plywood, G Cube, Electro Trans Industries, Lal Baba Food, Nitcon Indian, and Mutha Industries have set up their units in the state.
In April 2023, Banik took charge as the chairman of TIDC after the former chairman Tinku Roy won the assembly elections and resigned from the chairmanship of the Industrial Development Corporation. The post of chairman briefly lay vacant.
Chief Minister Dr. Manik Saha has, on several occasions, lauded TIDC’s role and extended all sorts of support whenever needed, the TIDC said in a press release.
According to a statement, the TIDC generated revenue amounting to Rs 17,10,13,790 in the 2023-24 fiscal year. After all expenses, the industrial body earned a net profit of Rs 5,33,60,087.
The TIDC had been experiencing significant losses since 2020. It faced a loss of Rs 1,31,60,539 in the financial year 2020-2021, followed by a loss of Rs 1,67,30,645 in 2021-2022, and another loss of Rs 10,03,30,053 in the 2022-2023 financial year.
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