Nagaland signs 4 more MoUs with SIDBI

February 14, 2024 18 Views No Comment

Morung Express News
Dimapur/Kohima February 14

The Nagaland State Government has signed four Memoranda of Understanding (MoU) with the Small Industries Development bank of India (SIDBI). Chairman and Managing Director (CMD) of the SIDBI, Sivasubramanian Ramann made the announcement in the presence of the Chief Minister, Neiphiu Rio at the latter’s residence in Sovima, Chümoukedima on February 13.

The MoUs included— SIDBI Cluster Development Fund, Swavalamban Connect Kendra (SCK), Seed Funding for Startups and Sponsorship for Sportspersons.

The cluster development fund, according to Ramann, is worth a 100 crore for promoting MSMEs in the state. The SCK is envisioned to set up “help desks” in every district which will assist local entrepreneurs link up with banks for loans. The third is a seed fund for developing incubation centres.

“We’re all very happy to do help sports develop in the country. We have very talented sportsmen. So, this is a scholarship for sportspersons,” he said of the fourth MoU. Ramann however did not quantify the value of the four MoUs in monetary terms nor did the Joint Secretary of the Investment Development Authority of Nagaland (IDAN), Reny Wilfred.

Ramann said that the SIDBI’s role is to create and help MSMEs across the country and “it is also our duty that we come to Nagaland and help incubate more and more enterprises in Nagaland.”
According to him, the SIDBI, in collaboration with the IDAN, has in the recent past has helped create 75 enterprises in Nagaland under the UN Empretech Programme. The SIDBI and IDAN had inked an MoU in August 2022 for initiating the Empretech programme.

While project funds come often, the question is on ensuring the investments show results on the ground. Queried on this, Ramann asserted, “We will make sure that the implementing agencies are monitored. We will get our own experts to come and monitor those (SIDBI) projects.”

According to him, the SIDBI engages independent agencies to monitor its investments.

Formal inauguration in Kohima
Meanwhile, after Ramann meeting with Rio in Dimapur, the projects were formally announced during the inaugural programme of SIDBI projects for Nagaland, held at Capital Convention Centre, Kohima.

At the event, SIDBI Chief General Manager Dr Subhransu S Acharya said that SCKs in 16 district of Nagaland, is a centre for entrepreneurs starting from selection of enterprise, preparation of DPR to bank linkages.

He said that all services will be provided under one roof.

Ramann said that SIDBI had discussion with Chief Minister Neiphiu Rio today on certain matters including Cluster Development Fund.

He said that concessional funding is place at the disposal of the state government to select priority projects.

He requested Nagaland’s commissioner to coordinate with Deputy Commissioners to look at good projects in the respective area and send the proposal to the industries department.

“That could be become a good pipeline of the project,” he said.

Stating that funding of project is not a problem, Ramann however said “But we are certainly working towards better monitoring of the implementation of those projects.”
‘We are second to none’

Meanwhile, Nagaland’s Industries & Commerce Advisor Hekani Jakhalu said that the state government has been trying its best to help entrepreneurs in various fields.

She said that the government and some private organizations have been facilitating capacity building to shift the mindset of the young people towards entrepreneurship and business.
Jakhalu said that over the years, when it comes to talent, hard working and creativity, “our people are second to none.”

“But the biggest roadblock apart from power, connectivity, which is very crucial for business to flourish, was access to fund and financial institution,” she said.

That is the struggle that our state has been going through, the advisor said adding that there has to be a major breakthrough. She thanked SIDBI for supporting the entrepreneurs and ready to partners with the state on bigger venture.