RBI tries to unite and promote Nagaland MSMEs
The Rural Planning and Credit Department of the Reserve Bank of India (RBI), Guwahati, held a Town Hall meeting at the Ana Ki conference hall to address diversified issues faced by the MSME sector in Nagaland on Thursday.
S.S. Barik, Regional
Director, RBI Guwahati
in his key-lines stated that ‘Town Hall
meetings’ have been formulated by the RBI in an intention to bring
all stakeholders of the MSME sector together to meet, listen and
interact to each other, share problems and find out solutions to
them. Although Nagaland
has potential, it misses the push needed for
the industries/MSME sector to grow.
“That is why the RBI is
emphasizing on MSME as it promotes distributive growth,” Barik
informed, as reported by Morung Express News.
Ministry of MSMEs,
Government of India claims MSMEs provide the largest share of
employment after agriculture accounting nearly 8 percent of the
country’s GDP, 45 percent of the manufacturing output and 40
percent of the exports.
entrepreneurs to approach banks (for loans) instead of
non-institutionalised informal sources (like relatives, friends or
moneylenders),” said Barik.
The banks are meant to credit lending
to small entrepreneurs at low interest rate. “The RBI is behind
bankers and entrepreneurs and will try to see that more and more
credit is diverted to MSME sector so it progresses in the North
East,” the regional director said according to the report.