Dr DS Rawat and Jigish Sonagara releasing the study on ‘Invest Nagaland’ at MSME EPC secretariat on July 13.
Dimapur, July 13 (MExN): The MSME Export Promotion Council and knowledge firm BillMart Fintech have created a special ‘Nagaland Desk’ in the MSME EPC Secretariat to promote investment, and skill people on how to use technology for growth of businesses particularly in food processing, horticulture, handlooms and handicrafts sectors, so that locally nurtured start-ups can set up their own enterprises in the state.
Additionally, the two organisations have brought out a study on titled ‘Invest Nagaland’ which, among others, highlights how the huge potential in food processing and agro-based sector remains untapped in Nagaland, despite the state being “one of the 25 hot spots of the world with respect of its biological diversity and is referred as a state with mega biodiversity.”
According to a press release received here on Wednesday, the Chairman of the MSME EPC Dr DS Rawat and founder & CEO of BillMart FinTech Jigish Sonagara who jointly released the study, said that the two institutions in cooperation and coordination with the Centre and state government would enhance the entrepreneurial skill of the potential and existing local entrepreneurs and develop awareness and knowledge on how to use technology for business promotion.
The study has analysed the investment in the state from 2017-18 to 2021-22 based on the data published by the Centre for Monitoring Indian Economy (CMIE).
As per the release, in 2021-22, new investment projects worth Rs 3 crore were announced, which was preceded by Rs 35.152 crore in 2020-21, Rs 31.923 crore in 2019-2020, and Rs 17.104 crore in 2018-19.
The study observed that the total outstanding investment projects in 2017-18 was Rs 2,211.03 crore of which Rs 1,437.717 crore was under implementation. In 2018-19, the total was Rs 2,174.256 crore with Rs 1,469.217 crore under implementation, and in 2019-20 the amount was Rs 2,213.758 crore and Rs 1,481.054 crore respectively.
According to the data available, in 2020-21 the total outstanding projects were Rs 2,163.577 crore with Rs 1,461.750 crore under implementation and in 2021-22 the total outstanding investment projects were of Rs 2,555.269 million and Rs 1,848.538 crore under implementation, it said.
In view of the study, Dr Rawat said the State governments need to form a high powered committee preferably under the chairmanship of the Chief Minister to review each outstanding investment project and expedite the clearances to avoid the huge cost-escalation.
The study has suggested the state government to encourage small investment through start-ups for developing local entrepreneurship to generate jobs, enhance farmers’ income for sustainable livelihood. As per the Annual Report for 2021-22 of the MSME Ministry there are 0.91 lakh estimated number of micro enterprises in Nagaland, it said.
It also noted that the state has been gifted with unique topography and varied agro-climatic and soil condition which offers opportunities to cultivate a variety of horticultural crops like vegetables and fruits. In Nagaland, fruits and vegetables are produced in 25,000 and 26,300 ha with the total production of 25,600-32,000 tonnes, respectively of which Dimapur district contributes major portion of production, the study stated.
BillMart chief Sonagara said one of the biggest pain points of micro and small units today is gaining access to affordable credit. Therefore, BillMart has launched MSME GAIN (growth and intelligence network) with a vision to benefit one crore MSMEs with 100 crore hours of knowledge up-gradation by 2024. The knowledge firm has developed digital ecosystem to handhold the MSMEs and provide seamless experience in raising short-term working capital, unlocking trade receivables, freeing cash flows, the release stated.
