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Sanjeev Gupta addressing the inaugural ceremony of an office of the Micro Enterprises Promotion Programme on Thursday, May 18, in Dimapur.[/caption]
Staff Reporter
Dimapur, May 18 (EMN): Recognising the significant role played by micro enterprises in generating employment and encouraging growth of the manufacturing sector, an office of the Micro Enterprises Promotion Programme (MEPP) was inaugurated on Thursday May 18 in Dimapur.
The office was inaugurated by Sanjeev Gupta, deputy general manager of the SIDBI, Guwahati regional office.
The office has been sponsored by the Small Industries Development Bank of India (SIDBI) with a local enterprise, Alaphra group, as the implementing agency.Speaking during the formal function, Gupta said that the opening of the MEPP office demonstrates its objective to achieve inclusive growth by extending financial assistance in under-banked locations and where employment is needed the most. He said the northeast region is mostly micro-enterprises; in Nagaland 99% of them are based on micro enterprises.
The target for Dimapur is 200-250 units. He expressed optimism that in three years, identified units would flourish for the benefit of the state.
Gupta also pointed out that most of aspiring entrepreneurs set up enterprises only for subsidy. He called upon the groups in concern to set up units with ‘good intentions’ as SIDBI extends support. He suggested that local resources available should be tapped.
“SIDBI has a broad role for financing however the bank does not provide direct loans because of infrastructure setback” mentioned Gupta. He said that the SIDBI works on refinancing and that it was one factor for not providing direct loans.
The MEPP will run for a period of five years. The idea behind the programme is for enterprises to be sustainable and not be one-time programs. Alaphra group should create this opportunity and work on assisting enterprises by creating employment opportunities through the programme.