Mumbai, Oct 7 (KNN)  MSMEs have a greater role in achieving financial inclusion in NER (North East Region), as most of its population lives in the rural segment. There is a need for having an action plan for increasing MSMEs as a driver of employment in the area, said Executive Director, Reserve Bank of India, P. Vijaya Bhaskar.

Speaking at the CII Banking Collegium in Kolkata on September 19, 2014, Bhaskar said that to achieve all round development of NER, focus should shift on thrust areas such as handicrafts, horticulture, textiles, live- stock development and food processing industry.

The North Eastern Region (NER) of India, comprising Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim is a unique socio-cultural segment in the country, richly endowed with natural resources and fertile land, identified as one of the most bio-diverse regions in the world. However, the development of the NER has lagged behind the rest of the country.

The task of development of NER emanating from its unique features has been accepted as a national mission and accordingly, since 1980s, the government has been making special efforts for all round development of the region. In order to fast track the process of development in the region, a separate Ministry, namely Ministry of Development of NER was created in 2004.

For full speech on role of financial sector in spurring growth and expanding financial inclusion in NE region, by Executive Director, Reserve Bank of India, P. Vijaya Bhaskar:
http://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/SKOLKA071014.pdf