SHILLONG: National People’s Party (NPP) leader and former Meghalaya minister James Sangma has been appointed as the chairman of Meghalaya Industrial Development Corporation (MIDC).
James Sangma’s appointment as MIDC chairman comes despite his loss in the recently held assembly elections in Meghalaya.
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James Sangma, who is the elder brother of Meghalaya CM Conrad Sangma lost the assembly elections from Dadenggre seat to TMC’s Rupa Marak.
MIDC being a Meghalaya government undertaking is a leading financial institution, which has been serving the state government under various capacity.
What is Meghalaya Industrial Development Corporation (MIDC)?
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Meghalaya Industrial Development Corporation (MIDC) is an autonomous statutory body set up by the government of Meghalaya to promote industrial development in Meghalaya.
MIDC’s mandate is to encourage and facilitate industrial growth in Meghalaya through the promotion of investment, development of infrastructure, facilitation of trade and establishment of market linkages.
Meghalaya has a long international boundary of 443 kms with Bangladesh.
The Meghalaya Industrial Development Corporation (MIDC) was constituted on April 6, 1971 with the objective to promote industrial development in Meghalaya.
The corporation is a statutory body under the ministry of industry and employment.
The MIDC implements a number of industrialization programs such as setting up of industry clusters, the establishment of industrial estates, incentivizing export-oriented industries, etc MIDC spreads its wings across 12 towns in Meghalaya.
It has set up 8 industrial estates in Meghalaya.
Functions of Meghalaya Industrial Development Corporation
The Meghalaya Industrial Development Corporation (MIDC) was incorporated with the primary objective of promoting industrial development in the state.
MIDC is a statutory body under the department of industries and commerce, government of Meghalaya.
The corporation has a board of directors composed of eminent persons from industry and commerce.
MIDC’s jurisdiction covers all industrial estates in Meghalaya.
It also deals with land registration, allotment, and alienation, business promotion measures, cooperation with foreign investors, development finance institutions, etc.