Dimapur, September 27 (MExN): The Confederation of Nagaland Chamber of Commerce and Industry (CNCCI) on Sunday reminded the State Government on the need to implement Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act in Nagaland with an amendment in tune with Article 371A.
The CNCCI said that it had raised the issue in a press release on March 11 earlier this year and in a letter addressed to the Chief Minister on April 24.
Further, CNCCI said it presented the need to implement the SARFAESI Act as a priority economic policy to the three Working Group under the Core Group headed by Additional Chief Secretary and Development Commissioner of Nagaland. It lamented that the whole exercise looks like “another procedural fulfilment to be dumped to dust in some office.”
The CNCCI expressed dismay at the State government not taking up the issue of the SARFAESI Act in the 2020 monsoon Assembly session “despite knowing the fact that it was the most important and pressing issue considering the grim economic scenario of the state and the future of thousands of our entrepreneurs and unemployed youths”
Asserting that the implementation of the Act in the state would help thousands of self-employed entrepreneurs grow and further mitigate the unemployment scenario in the state, the CNCCI said that “…the government should not even have a second thought to provide such an opportunity to our people.”
Delay of any important economic policy would amount to a ‘generational loss’, the CNCCI said, urging the government to call for a special session and address the issue at the earliest.
While conveying gratitude for revoking the COVID cess on petroleum products, the CNCCI also expressed hope that the government would consult the stakeholders on a policy matter that will have huge implications on the ground and on the state economy in the future.