Chief Secretary, Dr. J. Alam, IAS, along with Finance Commissioner, Sentiyanger Imchen briefed media persons on the Nagaland Credit Empowerment Summit at Noune Resort, Chumoukedima on 20th September, 2024.
Dr. Alam highlighted the launch of Annual credit plan for FY 2024-25 and announced the increase in credit flow to priority sectors from Rs. 1,058 crore to Rs. 2,003 crore. He stated that this increase is intended to ensure that critical sectors such as agriculture and small enterprises receive the necessary financial support to drive development and that these measures were taken as course correction measures to ensure flow of credit to priority sectors. He also said that the credit flow target for entrepreneurship was increased from Rs. 340 crore to Rs. 1,137 crore for the current financial year. This target demonstrates the State's commitment to expanding financial resources and stimulating economic growth across various sectors, he added. To address concerns related to Non- performing Assets and the hesitation of banks to extend loans to deserving entrepreneurs in the State, he said that the government will provide collateral-free coverage for loans upto Rs. 50 lakh per beneficiary through CGTMSE. The initiative will aim to reduce the financial risk for banks and encourage more lending to business and individuals, while relieving the beneficiary of the need for any third-party collateral. Once the loan is covered under CGTMSE and in case, an entrepreneur is not able to pay back the loan due to genuine reasons/business failure, CGTMSE will be making the payment to the banks up to 85% of the pending loan amount.
The Chief Secretary also highlighted the Chief Minister's Micro Finance Initiative (CMMFI). He said the revision of the CMMFI aims to streamline the flow of funds to the public, making it easier for beneficiaries to access financial resources and address the concerns related to fund flow inefficiencies. He informed that it has benefited 929 entrepreneurs and there are nearly 980 applicants approved by District Level monitoring and implementation Committee, 18.6 crore has been released as subsidy, with a total loan portfolio of Rs. 52 crore. On Launch of Loan Tracking and Monitoring Website, it has announced the new loan tracking website for online loan application and tracking enabling beneficiaries to apply for and track their loans online.
Dr. J Alam further highlighted on establishment of Finance Department monitoring Cell; Deployment of Credit Managers and coordinators in each District; partnership with private Vendors; Building a Robust Insurance Ecosystem in digital piggery Insurance scheme with Tata AIG; Accidental Insurance for police personnel and incase of accidental death or full disability, the family will receive an insurance amount of Rs. 75 lakh and for partial disability Rs. 55 lakh, 24087 serving police personnel are currently on boarded on to this insurance coverage. He informed that under CMHIS, since launch, 7,457 government employees and pensioners have benefited under the scheme with 22,187 treatments undertaken, out of which claims have been paid for 17,162 treatment cases worth Rs. 62 Cr. He also highlighted the Chief Minister’s Life Insurance Scheme.
(Tovikali, IA Chumoukedima)
