Shillong: Meghalaya Democratic Alliance Rajya Sabha nominee James PK Sangma recently credited systematic financial and governance reforms for the successful revival of the Meghalaya Industrial Development Corporation. Speaking at a felicitation event hosted by the MIDC board, Sangma noted that the organization moved from a struggling state to a self-sustaining institution over the last three years.
Sangma prioritized the corporation’s financial health by focusing on debt reduction and the resolution of non-performing assets. By streamlining operations and recovering outstanding dues, the corporation has significantly improved its balance sheet. “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.
To prevent the oversight issues of the past, the MIDC has overhauled how it handles loan appraisals and disbursements. The corporation now utilizes credit-rating agencies like CIBIL and Equifax to conduct rigorous evaluations of all applicants. These changes are designed to increase accountability and minimize the risk of future defaults.
MIDC Vice-Chairman Embhahlang Syiemlieh and Director Ransom Sutnga joined other board members to honor Sangma following his nomination. The election for the state's lone Rajya Sabha seat is set for June 18.
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