North Eastern Development Finance Corporation Ltd (NEDFi) (APSC Assam Economy Notes)
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North Eastern Development Finance Corporation Ltd (NEDFi)
The I. K. Borthakur Committee Report in 1994 conceptualized the formation of a North-Eastern Development Bank to cater to the needs of NE region.
The North Eastern Development Finance Corporation Ltd (NEDFi) is a Public Limited Company registered under the Companies Act 1956 on 9th August, 1995. The shareholders of the Corporation are IDBI, SBI, LICI, SIDBI, ICICI, IFCI, SUUTI, GIC and its subsidiaries.It initially had an authorized capital of Rs 500 crores and a paid up capital of Rs. 100 crores.
Initially it was placed under the Ministry of Finance, Banking Division for administrative purpose. In 2004, the Ministry of Development of North Eastern Region (DoNER) was formed and the Corporation has been placed under this ministry.
NEDFi has a specific role of both development and financing on behalf of Govt of India in North East comprising of 8 states including Assam.
It fuel industrialisation and nurture entrepreneurial spirit in one of the most industrially backward pockets of the country’s NE region.
NEDFi provides financial assistance to micro, small, medium and large enterprises for setting up industrial, infrastructure and agri-allied projects in the North Eastern Region of India and also Microfinance through MFI/NGOs.
It also offers Consultancy & Advisory services to the state Governments, private sectors and other agencies.
It conduct sector specific and state specific studies under its Techno-Economic Development Fund (TEDF).
It is the designated nodal agency for disbursal of Govt. of India incentives to the industries in the North-East India under North–East Industrial and Investment Promotion Policy 2007 (NEIIPP 2007).
It also does promotional activities like mentoring through Water Hyacinth Craft, NEDFi Convention Center, NEDFi Pavillion etc.
It aimed is for the economic development of the North Eastern Region of India by identifying, financing and nurturing commercially and financially viable projects in the region.
NEDFi has set up the North East Venture Fund (NEVF) for North East Region. The capital commitment to the fund is Rs. 100 crore with an initial contribution of Rs.75 crore consisting of Rs. 45 crore from Ministry of DoNER and Rs. 30 crore from NEDFi. The balance fund of Rs. 25 crore has been committed by Small Industries Development Bank of India (SIDBI) in-principle.
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