Thrift and credit culture for eco development of Nagaland

Our Correspondent
Kohima | March 24

The state’s department of cooperation said the state’s exposure to modern economy is of recent experience and our relation with modern economy has been more of public spending driven economy and less of entrepreneurial driven with savings and capital formation.

In this respect, the department in its annual administrative report tabled in the just concluded assembly session said the need to develop thrift and credit culture became urgent for the economy development of Nagaland.

It was in such juncture that Nagaland State Entrepreneurs Associates Thrift and Credit Cooperative Societies Federation Ltd. (EATACOL) came into being vide registration No. NL/6861 dated 17/08/2010, a result of partnership between cooperation department, Government of Nagaland and Entrepreneurs Associates, to promote and carry out thrift and credit activities in the entire state of Nagaland. The report said that EATACOL has been working with some progressive farmers and some of these farmers have been organised to form a primary thrift and credit cooperative societies in order to bring about alternative profitable livelihoods. These cooperatives are given loans ranging from Rs. 20,000 to Rs. 50,000 to start a small Orchard (Large cardamom, Kiwi and Banana) of 0.5 to 1 hectare, repayable quarterly for 3 years.

EATACOL has been also providing loans for livestock like rearing of pigs and mithuns, with loan amount ranging from Rs. 20,000 and 100,000. Thus, the report said, from the EATACOL investments on agri-business, many farmers have become self reliant. It is significant to note that the greatest beneficiaries of this self reliance process are the women whose contribution in the field of agriculture has usually been neglected. Through the agri business venture, EATACOL has provided cumulative micro finance loans of about Rs. 20 lakhs in four districts of Nagaland to farmers to cultivate cash crops.

The target for production of Kiwi fruit in 2012 is set at 4000 kgs. Likewise, production of large cardamom and bananas has also been set at three- fold increase.