On 5th November 2022, Session 3 of the Business summit of Trade Fair was based on Business Financing, the Session deliberated on financial schemes/initiatives available for entrepreneurs, how financing can be made easier for entrepreneurs, and current problems and possible solutions. The morning session of session 3 highlighted the Business Financing of Nagaland with its numerous potentials, young population, and high literacy rate that have vast scope for 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 and banks and financial institutions' schemes have been the source to help build small businesses. The proficient and compelling arrangements by the financial players keeping in mind local factors are crucial to foster economic development.
This program started with welcome remarks 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 also noted that one of the first joint stock companies to be set up in British India was in the North Eastern state of Assam with its Head Quarter based in London. Subsequently to make the business run Railroads were laid, and steamer services were started as a private initiative. 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. He said both bankers and entrepreneurs 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. 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, he added.
Panellists 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. Where the Moderator was delivered by L Mongkum Jamir President, Business Association of Nagas (BAN) & Managing Director, Symbios Creations Pvt. Ltd.
(Limatoshi, IA Dimapur
