MSME EPC TO PROMOTE STARTUPS IN NAGALAND
To promote investment, and skill people on how to make use of technology for growth of businesses particularly in food processing, horticulture, handlooms and handicrafts sectors, the MSME Export Promotion Council, and the knowledge firm BillMart Fintech have created a special “Nagaland Desk” in MSME EPC secretariat so that locally nurtured Start-Ups could set up their own enterprises in the state.
The two organizations have brought out a study on “Invest Nagaland” which says “Nagaland is one of the 25 hot spots of the world with respect of its biological diversity and is referred as a state with mega biodiversity” and despite being a resource rich state, the huge potential in food processing, agro-based sector remains untapped.
Releasing jointly the Study today, the Chairman of the MSME EPC Dr D S Rawat and founder & CEO of BillMart FinTech Mr Jigish Sonagara said, the two institutions in cooperation and coordination with the Centre and state government will enhance the entrepreneurial skill of the potential and existing local entrepreneurs and develop awareness and knowledge on how to use technology for business promotion.
The study has analyzed the investment in the state from 2017-18 to 2021-22 based on the data published by the CMIE. In 2021-22 the new investment projects were announced worth Rs.300 million, in 2020-21 of Rs.3515.2 million, 2019-20 Rs.3192.3 million, and in 2018-19 Rs.1710.4 million.
The study observed that the total outstanding investment projects in 2017-18 were of Rs.221103.0 million and under implementation were Rs.143771.7 million, in 2018-19 total Rs.217425.6 million and under implementation Rs.146921.7 million, in 2019-20 the total investment projects outstanding were worth Rs.221375.8 million and under implementation Rs.148105.4 million.
According to the data available, in 202021 the total outstanding projects were Rs.216357.7 million and under implementation Rs.146175.0 million and in 2021-22 the total outstanding investment projects were of Rs.255526.9 million and under implementation Rs.184853.8 million.
Dr. Rawat said, the State governments need to form a high powered committee preferably under the chairmanship of the Chief Minister to review each outstanding investment project and expedite the clearances to avoid the huge cost-escalation.
The study has suggested the state government to encourage small investment through start-ups for developing local entrepreneurship to generate jobs, enhance farmers’ income for sustainable livelihood. As per the Annual Report for 2021-22 of the MSME Ministry there are 0.91 lac estimated number of micro enterprises in Nagaland.
The Study says the state has been gifted with unique topography and varied agro-climatic and soil condition which offers opportunities to cultivate a variety of horticultural crops like vegetables and fruits. In Nagaland, fruits and vegetables are produced in 25000 and 26300 ha with the total production of 25600-32000 tonnes, respectively of which Dimapur district contributes major portion of production.
The BillMart chief Mr. Sonagara said one of the biggest pain points of micro and small units today is gaining access to affordable credit. Therefore, BillMart has launched MSME GAIN (growth and intelligence network) with a vision to benefit one crore MSMEs with 100 crore hours of knowledge upgrade by 2024. The knowledge firm has developed digital ecosystem to handhold the MSMEs and provide seamless experience in raising short-term working capital, unlocking trade receivables, and freeing cash flows.