The Corporation has been able to improve its performance during the year ended 31 March, '98 and has continued to do so during the current year. Disbursement of loan in the last financial year was Rs 44.58 crores indicating a growth of more than 140% in comparison to that of the previous financial year (1996-97). The Corporation is making all efforts to ensure disbursement of loans of Rs 50 crores during the current year (1998-99). The Corporation has invested around Rs 15 crores in the equities of its assisted projects during the current year (1998-99). The WBIDC now holds equity in some of the very important projects in the state such as Haldia Petrochemicals Ltd., Mitsubishi Chemical Corporation, PTA India Ltd., Pacific Cotspin etc. The Corporation has continued to play the role of the Agency responsible for the disbursement of incentives to the new units or expansion cases. During the current year the Corporation has already disbursed a sum of Rs 17 crores towards State Capital Investment Subsidy, Power Subsidy, Development Subsidy, Coal Gas Subsidy, Sales Tax Loan etc.

The Corporation has been consistently improving the quality of its assets, by ensuring that Loans are disbursed only against the sound and viable projects. The Corporation has been able to ensure more than 90% recovery against its current project loans. The recovery performance during the last year (1997-98) amounted to Rs 41.33 crores as against the previous year (1996-97) recovery of Rs 31.75 crores. The recovery performance continues to improve during the current year, despite recessionary conditions in the national economy. With its improved financial position, the Corporation has diversified into the new areas such as Short Term Loans and Bills Discounting. The Corporation has already disbursed a sum of Rs 7.65 crores as Short Term Loans during the current year (1998-99) and a sum exceeding Rs 90 lakhs towards Bills Discounting during the current year. The recovery rate is 100% in these schemes.

WBIDC continued to participate in a number of Trade Fairs to promote the industrial investment in the State of West Bengal. Some of the important fairs where WBIDC participated were India Industrial Trade Fair in New Delhi, Industrial India Trade Fair in Calcutta and the Indian Trade Fair in Dhaka organised by ITPO during the period 9-15 March, '99. WBIDC had also participated in the Hanover Fair in Germany.

To encourage private sector participation in key infrastructure projects on a commercial format, a Joint-Sector company has been formed by West Bengal Industrial Development Corporation Ltd. With ICICI called 'I-WIN'. This organisation has drawn up over 30 project profiles in the fields of transportation corridors, sector specific industrial estates, business centres, water supply projects etc. which are being marketed to attract investors from within the country and outside.

With a view to disseminating correct information about the improving industrial scenario an Investors' Meet called "Destination West Bengal" was organised by the West Bengal Industrial Development Corporation Ltd. On 17 January, '99 at Raichak. The "highlight" of the event was the presentation of an independent view of the investors' perspective by McKinsey & Company Inc. Follow up action is being taken on the suggestions, which were evolved during the event.

With a view to increasing interaction with foreign business, State Government functionaries and select representatives of the Industry have undertaken investment promotion tours to a few countries in Europe and South-East Asia in the recent past. A number of foreign delegations have also visited the State. Continued efforts are being made to consolidate the relations with foreign business so that more and more foreign corporates repose confidence in the investment opportunities of West Bengal.