SARFAESI Act a big window for entrepreneurs, says Nagaland PWD minister

Our Correspondent
Mokokchung, July 15 (EMN): Minister of PWD (H&M) Tongpang Ozukum said on Friday that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act has opened a big window for the Nagas and that it will benefit those interested in taking up business to establish their enterprises.

The minister said this while addressing the inauguration programme of the Magnus Hotel & Restaurant at Mokokchung. 

The COVID-19 pandemic has made us realise that we have to work hard for self-sustenance, he said, adding that many youth have taken up entrepreneurship after the pandemic.

He said that the state government has adopted a resolution on the SARFAESI Act, 2002 to help business people and aspirants take loans by mortgaging their assets to establish their business under cadastral surveyed land.

The Act has a pre-condition that in the event of default of loan payments, the mortgaged properties/ assets shall be sold only to indigenous Nagas by the bank for recovery or reconstruction.

Informing that a micro finance will be launched for the educated unemployed youths and entrepreneurs as the government cannot provide jobs to all, he urged the youths to take advantage of the scheme to start their self-sustainable ventures.

Only 6% spent on development

Ozukum asserted that the state invests only 6 percent of fund in development activities and the remaining 94 percent is spent on salaries of government employees. However, as per the government directive, 65 percent of fund should be spent for development and 35 percent for employment. 

In this regard, he asserted that time has come for Nagaland to transform the salary economy into a capital economy.

Meanwhile, the Magnus Hotel & Restaurant, which was inaugurated on Friday, has 17 rooms and people can choose ranging from a homely 6-bedded Dormitory for both Girls and Boys to Single/Double bedded Deluxe Rooms to a large AC Round Table Conference Room to Topnotch large-bedded VIP Suites.