During the budget speech for 2024-25, Chief Minister and Minister-in-Charge, Finance, Neiphiu Rio elaborated on the Sector-wise allocations for the year 2024-25. The Agri and Allied Sector has been provided a total outlay of Rs. 4190.20 lakhs for various core activities. The ELEMENT Nagaland project funded by the World Bank supports sustainable livelihood, rejuvenate springs, strengthen high value forest produce adopt climate-smart agriculture practices, and conserve and restore degraded landscapes, covering 15 districts and 225 villages, informed Rio.

The Agriculture Department has been allocated Rs. 1100 lakhs for community agri farm roads, promotion of indigenous crops and developmental activities. The Horticulture sector has been allocated Rs. 480 lakhs for a pilot project of packaging/labeling and upgrading the existing Tissue Culture Unit at State Horticulture Nursery.

The Soil & Water Conservation sector has been allocated Rs. 275 lakhs for mechanized development and core activities and construction of a Guest House.  The Animal Husbandry & Veterinary sector has been provided Rs. 440 lakhs for setting up Veterinary Dispensaries in the new districts of Chümoukedima, Niuland and Shamator, and for procurement of equipment and appliances for veterinary hospitals.

The Chief Minister stated the Water Resources sector has been provided Rs. 250 lakhs for creation of water bodies and for its core activities. The Fisheries Sector has been allocated Rs. 300 lakhs for development of cluster based fisheries and farmers producers organizations, fisheries based eco-tourism and development of hatcheries and buildings.

The Forest and Wildlife sector has been allocated Rs. 375 lakhs for plantation activities and construction of quarters.  The Cooperation sector has been allocated Rs. 270.20 lakhs for office constructions, maintenance and furnishing of offices in the newly created districts and sub-divisional offices and dissemination of cooperative education at the block level.

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The Land Resources sector has been provided Rs. 550 lakhs for promotion of cash crops such as arecanut, coffee and rubber, and for setting up a Coffee Research and Adaptation Station during 2024-25. It will study various aspects of processing and value addition, including propagation of coffee plants for higher altitudes. During the 5  year, 370 hectares have been brought under coffee plantation, while 7 roasting units were provided to serve 35 clusters of coffee growers.

The Bamboo Development sector has been provided Rs. 100 lakhs for activities like capacity building and documentation and maintenance of the Resource Centre. The Bio Resource sector has been provided Rs. 100 lakhs for promotion of bio resources. The Bee and Honey sector has been provided Rs. 100 lakhs for development of bee keeping. NEPED has been provided Rs. 100 lakhs for activities relating to climate change and community conservation and for development of small hydro technologies.

The Rural Development sector has been provided Rs. 440 lakhs for construction and improvement of rural roads, construction of farmers markets and quarters. Under Pradhan Mantri Awaas Yojana-Gramin, financial assistance has been provided for completion of 995 houses. The State Institute of Rural Development (SIRD) has been provided Rs. 330 lakhs for construction, research activities and training on the objectives and modes of implementing various Centrally Sponsored Schemes.

The Land Revenue sector has been provided Rs.350 lakhs for construction of Directorate office and for survey of various towns.

Rio highlighted the innovative and transformative initiatives under the Investment & Development Authority of Nagaland (IDAN) which was created to function as the State’s investment promotion and facilitation agency.

Following the eventful Corporate Social Responsibility (CSR), Investment and Banking Conclave in 2022, CSR Initiatives in the state have started to pay dividends, mentioned Rio. He informed that currently 28 projects have been completed and 14 more are ongoing and many more are under negotiations.

To support budding entrepreneurs and startups from Nagaland, Rio informed that the government will establish an Integrated Business Hub in Dimapur to serve as a Business and Innovation Center.

To provide access to affordable institutional credit, through the intervention of the State Government, three branches have been opened in the Unbanked Blocks of Athibung, Botsa and Sakshi. Rio also informed that the government is collaborating with the Nagaland Rural Bank to promote 200 new Banking Correspondents to provide banking coverage in Unbanked Blocks with the use of micro ATMs.

Under the Chief Minister’s Micro Finance Initiative, a total of 688 loans have been approved and an outlay of Rs. 3,000 lakhs has been allocated. Rio said that the collateral for all eligible fresh loans in the State under the Micro and Small Enterprise category will be covered by the CGTMSE (Credit Guarantee Trust Fund for Micro and Small Enterprise) fund and that the State Government will cover the annual Guarantee Fee for the first year, for every SME loan up to Rs 50 lakh per beneficiary through the scheme. He also highlighted on the importance of repaying loans.