
Chizokho Vero
Kohima | October 10
In keeping with the government’s commitment to support and develop entrepreneurship in Nagaland, Chief Minister Neiphiu Rio today called upon the financial/bank institutions to give loan to the first generation entrepreneurs so as to boost business activities in the state. Rio said the government was committed to help youths to venture into various businesses.
“Nagaland is land of opportunity,” he said adding that many things are there to do for which the youth must take full advantage of the packages being extended by government, financial and bank institutions.
He said that starting with “Year of Youth Empowerment” in 2004 and also “Year of Entrepreneurs,” “Capacity Building,” the government has already helped 1000 youth and another 200 youth are now working outside the state and abroad. Terming it as setting a good trend, he said “we need to go beyond our comfort zone to build our economy.”
Rio asserted that job opportunity in the government sector has now reached saturation point. There are more than 60,000 educated unemployed youth in the live register of employment exchange in the state. So if you wait only for government job then you will wait forever, he told the ‘Business Interface’ organised by Entrepreneurs Associates here this morning.
Rio said a small state like Nagaland has the highest number of government employees in the country in term of population ratio and termed the state as salary economy.
Reminding the financial/ bank institutions that the CD ratio of the state is still very low, he asserted that loan must be there if business is to be there. He said that even millionaire/ billionaire do business with loan. Rio said the state CD ratio at 35.38% against the national CD ratio of 73%, was lacking behind other north eastern states like Assam at 45.06%, Manipur 41%, Mizoram 41.67%.
In this, he requested financial and banking institution to extend loan to the entrepreneurs here, which he said is not only helping the state and north east but it contributes to nation building. At a time like this, bank has to come forward. He also expressed concern about the fact that many private banks go after government deposit target and not loan target. He hoped that those banks would reverse such mindset and give loan target to the entrepreneurs.
Also stating that the business activities here are mostly on trade and retailer shops, Rio stressed on the need to focus on manufacturing front. In this, Rio asked the bank/financial institutions and EA to give special attention towards manufacturing of local products like, handloom and handicraft and textile. Rio substantiated his point that whenever tourists landed in Nagaland they prefer to buy local products, which they cannot find anywhere.
Further, Rio called upon the entrepreneurs to keep consistency and also asked them to stick to one job. “We have to be stable and consistent,” he said and also asked the entrepreneurs to go for specialization.
Additional Chief Secretary & Finance Commissioner, Government of Nagaland, Toshi Aier, IAS while speaking at the concluding session of the Business Interface, expressing the Government’s commitment to unleash entrepreneurship in Nagaland said that the Government will act as a facilitator between bank and the entrepreneurs. He expressed regret that in the past there had been poor recovery of loan and requested the banks to consider the prevailing social conditions of the State and to relax and simplify the norms and regulations to make securing of loans. He also disclosed that the Government is in the process of finding a solution towards effective recovery of loans. The Additional Chief Secretary also exhorted the gathered entrepreneurs to embark upon bold ventures which can change the economy of the State.
Minister for Planning & Coordination, Veterinary & Animal Husbandry, Parliamentary Affairs, Evaluation, T.R. Zeliang; Minister for Health & Family Welfare Kuzholuzo Nienu, Minister for Power & Election Doshehe Y. Sema and other MLAs attended the Business Interface.
(With inputs from DIPR)