Nagaland CM announces Rs 65 cr micro-finance scheme for MSME entrepreneurs and farmers

Kohima, Mar 23 (KNN) Presenting the state budget for FY 22-23, Nagaland Chief Minister Neiphiu Rio announced Rs 65 crore worth micro-finance scheme to help MSME entrepreneurs and farmers.

He announced three new schemes viz the Chief Minister’s Microfinance Initiative, Target Champion Scheme (TACS), and the Chief Minister’s Health Insurance Scheme.

The Chief Minister’s Microfinance Initiative will expedite credit flow to hard-working farmers and young entrepreneurs, he stated.

The aim of the scheme is to improve the affordability and availability aspect of credit for individuals and SHGs and Farmer Producer Organisations.

“To achieve this objective the Nagaland government plans to offer subsidy or interest subvention against identified activities in the agriculture & allied sector including processing units, handicrafts and small-scale manufacturing units,” said CM Rio.

State will provide interest subvention over and above the existing Central Government schemes.

This initiative is expected to grow farmer’s income, inculcate a sense of credit discipline, boost private enterprise and improve the agri marketing network and infrastructure in our State.

The selection of the beneficiaries will be through the District Level Selection Committees and wherever required, the Village Councils shall act as the guarantor.

Although Rs 150.30 crore was the surplus estimate fr0m the estimated gross receipts and gross expenditure for 2022-23, a Rs. 2212.74 crore budget deficit was presented by the CM Neiphiu Rio, who also holds the portfolio for finance. (KNN Bureau)