(left) Neichute Doulo, CEO Entrepreneurs Associates Nagaland and (right) Assistant General Manager of NEDFi Head Office, Guwahati speaking at the Mokokchung Business Meet. (Morung Photo)
Morung Express News
Mokokchung | November 11
India’s Social Entrepreneur of the Year, Neichute Doulo today remarked that it will take time for the state government to understand the importance of investment in entrepreneurial development and that there was very little that can be done to change the attitude of the banks. “Therefore, we have to change ourselves,” he said. He regretted that there was no conducive “ecosystem” for entrepreneurship in Nagaland today but expressed hope that it would improve in the future. He encouraged Naga entrepreneurs to manage their books of accounts well, to work hard, be patient, invest and create jobs. He said Nagaland’s economy was dependent on government spending but was optimistic that the state’s economic situation would improve and added that he “look forward to the day when commercial banks will come knocking your doors,” expressing dismay at the half-hearted role played by commercial banks in the current scenario. Neichute also claimed that there were at least 28 commercial banks in Nagaland today and that these banks, excluding the SBI, has a Credit Deposit Ratio of a paltry 12% as against the all India CD Ration of 76%. He observed that the problem with entrepreneurship in Nagaland was that the entrepreneurs have no access to capital.
The renowned Naga entrepreneur recognized Mokokchung as the “beacon for Nagaland” in terms of entrepreneurship development and assured that the Entrepreneurs Associates (EA) Nagaland would strive to rope in more investment to Mokokchung. Since 2003, EA has promoted more than 300 Naga entrepreneurs in Mokokchung. He compared entrepreneurs without finance to musicians without musical instruments.
It was highlighted that during 2003, Naga entrepreneurs comprised of 5% in Dimapur which improved to 20% in 2014. During the same period, Naga entrepreneurs comprised of 33% in Kohima which improved to 40% in 2014. In Mokokchung, Naga entrepreneurs improved from 25% in 2003 to 70% in 2014.
In this regard, he considered Mokokchung was fortunate to have NEDFi coming to the state’s third major urban centre. Neichute said this while speaking at the Mokokchung Business Meet 2016 jointly organized by NEDFi and EA Nagaland here today at Longkumer Kilem.
Mkg Business Meet 2016 held
In a first of its kind in Mokokchung, the North Eastern Development Finance Corporation Ltd. (NEDFi) and Entrepreneurs Associates (EA) Nagaland co-organized a Business Meet in Mokokchung today at Longkumer Kilem. A total of 14 local entrepreneurs were awarded financial assistance in the form of term loan by NEDFi as part of the business meet.
Vimeyiel Richa, NEDFi Dimapur Branch Manager, while delivering the keynote address said that NEDFi does not only finance entrepreneurs but also guide and mould them. He, however, cautioned the entrepreneurs that loans should be judiciously invested to leverage their businesses or it would become liabilities in which case the entrepreneurs would be like working for the financers with nothing left for themselves. Saying that this was the first patch of NEDFi beneficiaries in Mokokchung, Richa asked them to ensure timely recovery of the loans so that NEDFi can escalate their investment in Mokokchung in the future with confidence.
Neichute Doulo, CEO Entrepreneurs Associates Nagaland and Tsukti Longkumer, President MCCI also delivered short speeches while O.S.Meetei, AGM, NEDFi Head Office, Guwahati presented a Powerpoint presentation on the various schemes and programs of NEDFi which was followed by a discussion hour.
Tsukti Longkumer appreciated NEDFi for coming to Mokokchung and assured that the later won’t be disappointed while also cautioning the beneficiary entrepreneurs that “loan is not a grant-in-aid” and to prudently and judiciously invest the loan, saying that Mokokchung cannot afford to lose NEDFi’s trust. He also congratulated Neichute Doulo on being awarded India’s Social Entrepreneur of the year 2016.
Meetei meanwhile said that banking system has now become an “integral part of our lives” and urged the local entrepreneurs to become adept in banking sector. Saying that NEDFi being a developmental bank, Meetei said the entrepreneurs and the bank ought to “grow together” and that it was time for togetherness. “You have ideas, we have capital,” he added, implying NEDFi was ready to invest in genuine entrepreneurs.
Tia Longchar, Board Chairman EATACOL pronounced the vote of thanks.
