The Corporation was established on May 1, 1960 by Government of Gujarat under the SFC Act. Set-up to promote industrial development in the state of Gujarat and encourage balanced regional growth, the Corporation has extended financial assistance for varied economic activities. The Corporation has been the catalyst of industrial development in the state and has provided assistance for rapid development of small-scale industries. Its assistance has been instrumental in the emergence of a whole new class of entrepreneurs in Gujarat. The Corporation has evolved various tailor made schemes for providing long-term finance to industry and trade. A large number of units have been financed in rural and backward districts of the state. Starting in the year 1960-'61 with sanctions for 13 applications for an aggregate amount of Rs.38 lacs, the Corporation sanctioned financial assistance of Rs.30,641 lacs to 1,271 applicants during the financial year 1995-'96. It is estimated that the impact of the Corporation's assistance has catalysed investments of Rs.6,02,649 lacs since inception and generated employment for 6,22,647 persons. A perspective of the growth of the Corporation and its impact is provided below - ------------------------------------------------------------ Year Gross sanctions Cumulative Cumulative during gross gross sanctions the year sanctions - amount Amt (units) (Rs. in lacs) (Rs. in lacs) ------------------------------------------------------------ 1961 38 13 38 1971 850 4042 2706 1981 4534 16308 26514 1991 21534 34664 126965 1992 28252 37522 155217 1993 21974 39473 177193 1994 23118 41049 200309 1995 23944 42408 224253 1996 30641 43679 254894 ------------------------------------------------------------ ------------------------------------------------------------ Year Gross sanctions Impact of Impact of during assistance assistance the year Project Cost employment Amt (Rs.in lacs) (no. of people (Rs. in lacs) employed) ------------------------------------------------------------ 1961 38 - - 1971 850 758 - 1981 4534 9984 24354 1991 21534 46500 38116 1992 28252 59700 41170 1993 21974 47880 27547 1994 23118 51086 35313 1995 23944 57562 25187 1996 30641 91702 28817 ------------------------------------------------------------ The important social role of the Corporation to the equitable social development of the state can be gauged by the fact that loans to units located in backward districts comprise 41% by amount of cumulative net sanctions and loans to rural areas comprise 52% by amount of cumulative net sanctions. The Corporation has done this while significantly improving its profitability during the past five years. 2000 - The Gujarat State Financial Corporation, in collaboration with SIDBI and Exim Bank, has decided to form a venture capital fund of Rs 15 crore as seed capital to help small and medium scale entrepreneurs for taking research and development, in bio-technology to farmers. 2002 -Appoints C L Meena as the Managing Director of the company. 2004 -Gujarat State Financial Corporation has informed that the Government of Gujarat has transferred Shri Chaman Kumar, IAS, Managing Director and posted Shri V S Gadhvi, IAS in his place as Managing Director of the corporation. -Gujarat State Financial Corporation has informed the Change in Board of Directors as under (1) In terms of Section 10(C) of the State Financial Corporations Act, 1951, Small Industries Development Bank of India, Mumbai, vide their letter dated December 16, 2003, nominated Shri. P. Rudran, Chief General Manager of SIDBI, Western Zonal Office, Mumbai, as a Director on the Board of the Corporation in place of Shri. John John. (2) Government of Gujarat in General Administration Department vide notification dated December 28, 2003, transferred Shri. Chaman kumar. IAS, Managing Director, and posted Shri. V.S. Gadhvi, IAS, in his place as Managing Director of the Corporation. 2005 -Shri Arvind Agrawal, IAS, took over as Managing Director, Smt. Nethra Shenoy, IAS, took over as Chairperson of the Corporation 2007 -Gujarat State Financial Corporation has informed that Smt. Nethra Shenoy, IAS, ceased to be a Director and Chairperson of the Corporation and Ms. S. K. Sekhon, IAS, was nominated as a Director of the Corporation by the State Government vide Notification No. GU/2006/17/GFC-1987-128-P dated 20-12-2006 issued by the Industries & Mines Department of Govt. of Gujarat. -Gujarat State Financial Corporation has informed that "Corporation created a separate e-mail ID "sec-cell-gsfc@gujarat.gov.in" to deal with investor grievances". 2008 - Gujarat State Financial Corporation has appointed Smt. Gauri Kumar, IAS, as Chairperson of the Corporation with effect from June 03, 2008. 2009 -Shri M. Sahu, IAS, Director on the Board of the Corporation, has been appointed as Chairman of the Corporation 2011 -Shri D.N.Pandey has been appointed as a Director on the Board of the Corporation. 2013 -Shri Balbir Singh, Deputy General Manager, SIDBI, Ahmedabad has been appointed as a Director on the Board of the Corporation. 2014 -D. J. Pandian, lAS, Additional Chief Secretary, Industries and Mines Department has been appointed as Director on the Board of the Corporation.