Nirmala Sitharaman to inaugurate CSR and Investment conclave in Nagaland
Kohima, Aug. 18 (EMN): Union Finance and Corporate Affairs Minister Nirmala Sitharaman will arrive in Nagaland on August 22 and inaugurate the Corporate Social Responsibility (CSR) and Investment conclave in Kohima on the same day.
She is also planning to visit Mon, besides Kohima and Dimapur during her three-day visit to the state.
Chief Executive Officer of Investment and Development Authority of Nagaland (IDAN), Alemtemshi Jamir on Thursday said that the Finance minister, who had called off her visit to the state last month, will also participate in the Investor and Bankers meet.
Addressing a press conference in regard to the upcoming CSR, Investment conclave, and Banker’s meet, at IDAN office in Kohima, Jamir lamented banking culture of the people of Nagaland not changing despite banks being active in the state for years.
People have started using ATMs, learn to withdraw cash and other banking services only during the past few years. But bank facilities like loans that will benefit their lives are not much utilised by the people of Nagaland, he said.
The CEO informed that a centre for financial outreach has been set up at IDAN office in order to help people link up with the banks and assist in writing project reports. ‘It started with the banks but we had plan it for all the 16 districts. We want to rope in any other NGOs and CSOs wanting to join this venture so as to let the people get to know the banks,’ he added.
In this regard, he said there is a small finance banking that is committed to about INR 160 crore (INR 10 crore per district). Further, the State Bank of India has earmarked INR 500 crore as loans for people. This is the kind of bank culture that we would like to start initiating in the state, he added.
Other neighbouring states have gone far ahead but investment is not forthcoming in Nagaland for many reasons, he said while expressing hope that people will attend the investment conclave. He also urged all to identify where to invest.
State government has been stressing on building entrepreneurship so that it can have home-grown entrepreneurs who would be able to attract investors to partner with the companies from outside, he said, adding that through the entrepreneurs, investors would come to invest in the state.
The CEO also dispelled the talks claiming that the government functions are staged and meant to benefit a selected few. As far as the CSR activities are concerned, it is an open field where chance is given to all, he clarified, adding that IDAN is trying to open the doors and that it is just the beginning. Anybody, NGOs, CSOs, etc. can apply for the CSR, he said.
He, however, pointed out that any applicants have to be registered under the CSR-1 as per the law. IDAN, which fulfills the criteria, is trying to help NGOs get registered. Over 400 project proposals have been received and submitted to corporate heads and investors, he added.