By Our Reporter
SHILLONG, June 4: James PK Sangma, the Meghalaya Democratic Alliance (MDA) nominee for the lone Rajya Sabha seat, has credited financial and governance reforms for transforming the Meghalaya Industrial Development Corporation (MIDC) from a struggling entity into a self-sustaining organisation.
Speaking at a felicitation program organised by the MIDC Board of Directors on Thursday, Sangma detailed the measures taken to revive the corporation over the last three years.
“When I joined MIDC, the corporation faced numerous unresolved challenges. We have since addressed these systematically and introduced structural reforms to strengthen the organisation,” Sangma said.
He highlighted that improving MIDC’s financial health by reducing loan exposure and resolving Non-Performing Assets (NPAs) was a top priority. “We recovered dues, streamlined operations, and cleaned our books. As a result, MIDC has a much healthier balance sheet today than it did three years ago,” he added.
Regarding governance, Sangma noted that MIDC has overhauled its loan appraisal and disbursement processes to prevent past lapses. The corporation now partners with credit-rating agencies like Equifax and CIBIL to scrutinise loan applications and mitigate financial risks.
“In the past, some loans were sanctioned without adequate safeguards. We have now introduced a rigorous system for thorough evaluation before approval to ensure accountability and reduce defaults,” Sangma said.
He described the corporation’s evolution into a financially independent institution as a significant achievement that will better support industrial growth and entrepreneurship in Meghalaya.
Earlier, MIDC Vice-Chairman Embhahlang Syiemlieh, Director Ransom Sutnga, and other members felicitated Sangma following his nomination for the Rajya Sabha. The election for the lone seat is scheduled for June 18.
