During the 3rd session of the Business summit of the NIIE Trade Fair, Business financing was discussed.
The session was moderated by L Mongkum Jamir, President of Business Association of Nagas (BAN) & Managing Director, Symbios Creations Pvt Ltd.
The panelist for the session were Samir Kumar Jha, DGM SME Business Unit, SBI, LHO, Guwahati; V.V. Narayana Chairman, Nagaland Rural Bank; Taliremba Commissioner & Secretary, Law & Justice & Finance, GoN; Tiakala Ao General Manager, NABARD; K Jianthailung Branch manager, NEDFi; Assi Gogoi Br. Manager, ICICI Bank.
In the session, the panel deliberated on financial schemes/initiatives available for entrepreneurs. The discussion also focused on how financing can be made easier for entrepreneurs and current problems and possible solutions.
In the morning session the panel highlighted business financing in Nagaland and the numeral potentials including a younger population and high literate rate that have vast scope for Small and Medium Enterprises (SMEs) to establish and grow.
One of the crucial inputs for businesses to grow and prosper is the timely availability of finance at reasonable terms.
Post-covid, PM Modi’s ‘Vocal for Local’ initiative as well as banks and financial institutions’ schemes have been a source of help to build small businesses. The proficient and compelling arrangements by the financial players keeping in mind local factors are crucial to foster economic development, the panel highlighted.
Earlier welcome remarks were delivered by Sashi Pongener former DGM State Bank of India and Chairman, Nagaland Rural Bank CEO, of BAN Thrift and Credit Cooperative Society Ltd, who said that BAN is actively engaged and committed to encouraging and supporting Naga entrepreneurs, especially the young entrepreneurs.
He gave a history of trade in the region and noted that one of the first joint stock companies to be set up in British India was in Assam with its headquarter based in London. Subsequently to make the business run railroads were laid, and steamer services were started as a private initiative.
Pongener highlighted that dense jungles were cleaned and tea gardens were set up. Elephants were used for clearing the jungles and for sowing tea plant seeds. There were no metalled roads, bullock carts were used for transporting the machinery and tea from the garden to the river banks. Large boats moved tea to Calcutta and thereafter by ship to London.
Speaking on the relationship between bankers and entrepreneurs, Pongener said both needed each other for their businesses to grow. There was no District Industries Centre, no email, no WhatsApp nor STD phone facilities but the industry grew, expanded, and gave employment opportunities to many, he further added.
Their success can only be attributed to their sheer determination, perseverance, proper planning, and disciplined approach. Today we have so many opportunities, options, and possibilities at our disposal, Pongener said.
The National Integrate Innovate Expand (NIIE) Trade Fair was organised by the Business Association of Nagas and supported by Ministry of Micro, Small and Medium Enterprises (MSME), Government of India from 3-5 November at the Agri Expo Centre, 4th Mile, Dimapur.
