Panaji (GOA) After recording historic profit of Rs 61 crore for the financial year 2016-17, the Economic Development Corporation (EDC) has proposed to set up an incubation centre this year, to groom youngsters and create entrepreneurs.

Addressing reporters after the Board meeting, EDC chairman Siddharat Kuncolienkar said that to keep up with the modern world and growing technology, EDC has decided to set up incubation centre of 40-45 seater to groom youngsters.

“Startup is picking up in Goa and we have to encourage it,” he said.

EDC has recently trained 600 youngsters to help businessmen in GST compliance.

Kuncolienkar said that along with Government, EDC proposes to train and create hundred entrepreneurs, in order to help businessmen for GST compliance.

Chairman informed that EDC has made Rs 61 crore profit before tax on a turnover of Rs 102 crores. “The profit is after deducting Rs 60 lakhs CSR expenditure, which EDC has made towards its social responsibility,” he said.

The Board has now approved rationalization and reduction in the interest rate on loans across all schemes.