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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.

“We request 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.

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