Panellists:
- Shri. V.V. Narayana, Chairman, Nagaland Rural Bank
- Shri. Taliremba, Commissioner & Secretary, Law & Justice & Finance, GoN
- Smt. Tiakala Ao, General Manager, NABARD
- Shri. Poumai Pao, Credit Manager, SBI, RBO
- Shri. K Jianthailung, Branch manager, NEDFi
- Shri. Assi Gogoi, Br. Manager, ICICI Bank
Moderator:
Shri. L Mongkum Jamir, President, Business Association of Nagas (BAN) & Managing Director, Symbios Creations Pvt. Ltd.
The two-day “business summit” of the National Innovate, Integrate, Expand (NIIE) Trade Fair, organised by Business Association of Nagas (BAN) and supported by Ministry of Micro, Small & Medium Enterprises (MSME), concluded on Saturday, at Agri Expo, 4th mile. The moderator of the session, Shri L Mongkum Jamir, President BAN and Managing Director, Symbios Creations Pvt. Ltd., in his opening remarks stated that MSME plays a very vital role in shaping our economy, however the challenges MSME faces today is what we can call the “trinity of economics” which are Free access to credit, collateral free loan and low rate of interest. He impressed upon the panelist and participants that by the end of the session, some action points will be taken that are needed for MSME ecosystem in Nagaland to drive and grow.
Pointing out the importance of having materials and infrastructures while approaching the bank with necessary documents, Nagaland Rural Bank chairman, V.V Narayana stated that no industry can run without infrastructures. He shed light on manufacturing and services and expressed happiness to observe that many Naga youths and women were actively venturing into self-sustenance by creating their own business enterprises and private sectors.
Commissioner & secretary, Law & Justice & Finance, government of Nagaland, Taliremba touched upon the land holding system in Nagaland and highlighted the SARFAESI Act, an Act which empowers banks to recover non-performing assets (NPAs) without the intervention of the court, and the Transfer of Property Act, 1882, an act by which a person conveys the property to one or more persons, or himself.
In this regard, he stated that both these acts were very relevant in the context of Nagaland. He also stated that the Financial institution should accept the land holding rights in Nagaland and should entertain the property that comes outside the non cadestral land, if the administrative authority issues relevant documents relevant to the property. He also disclosed that the Land Revenue department of Nagaland has been actively considering the possibility of identifying the officials to sign the lease certificates. Encouraging the youths present at the panel discussion, “If you create a successful enterprise, many people will be dependent on you and you will be creating more jobs for people who are looking for them”, Taliremba stated.
NABARD general manager, Tiakala Ao stated that there was disguised employment in the agri sector. She stated that the agri sector employs more than 60% but if one looked at the output of the agriculture sector and its contribution to the state, it was not even 30%. In this regard, she stated that the state still had many farmers who were not getting sufficient remuneration for the work that they were doing. “Right now the problem we are facing in our state is that we are producing only enough to meet our own needs and we hardly have any surplus to sell”, she stated. “Make sure that those disguised unemployed people in the agriculture sector are employed more gainfully”, Tiakala added. She advised the Naga youths to be thorough with their business proposals; to build up a good rapport with their financing bank and maintain a good credit score; to be aware of all the schemes that were available, especially under the MSME.
Chief Manager (Credit) State Bank of India, Shri. Poumai Pao, in his opening remarks stated that many entrepreneurs do not possess the relevant documentation and due to which financing projects gets delayed. He also stated that there are many schemes which does not require Collateral security. NEDFI Branch Manager Shri K. Jianthailung and ICICI Bank branch manager, Assi Gogoi spoke on various schemes and loans provided by the banks to entrepreneurs.
Earlier, welcome remarks was delivered by Shri Sashi Pongener, Financial advisor of BAN and CEO of BAN Thrift & Credit Cooperative Society Ltd. Former DGM, SBI and chairman, Nagaland Rural Bank. Chingmak Chang, BAN district convenor Tuensang chaired the session.
