Imlisanen Jamir
It now seems inevitable that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 will be implemented in the State of Nagaland.
The State Government's recent decision that the Act will be tabled in the upcoming Winter Assembly Session has been received positively by business associations in general. Meanwhile in the midst of this approval, the Nagaland Bar Association (NBA), has been one among a few to raise concerns repeatedly, with some very valid arguments.
The NBA's concerns on what the Act would mean for long term land and economic rights needs to be taken seriously by the government. There is no doubt that all parties want growth of business, entrepreneurship and to boost the local economy. Lack of credit is a legitimate issue which also needs to be addressed. But at what cost, is the NBA's question.
The present world is a plutocracy, and it does not take much searching to find economies that have been monopolised by corporations at the cost of the poor. The NBA's fears of marginalising the poor, through an act that was first enacted to make it easier for the wealthy, is a legitimate one. This argument should find equal footing along with the ones about uplifting indigenous economy in the discourse.
Given the fact that legislators from most sides of the political spectrum have been in favour of implementing the Act, it is assumed that there would be no hurdles in enacting the legislation in the State. Meanwhile, the government's moves to make the Act compatible with Nagaland's 'special staus' among Indian States seems to be focused solely on land laws and Article 371 (A).
Securing and boosting the local economy is fine; looking forward is great; but ensuring equity and welfare is most pertinent.
Comments can be sent to imlisanenjami@gmail.com
