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Dimapur, July 13 (EMN): To promote investment and equip people with skill on how to make use of technology for growth of businesses particularly in food processing, horticulture, handlooms and handicrafts sectors, the MSME Export Promotion Council (MSME-EPC), and the knowledge firm BillMart Fintech have created a special “Nagaland Desk” at MSME-EPC secretariat so that locally nurtured start-ups could set up their own enterprises in the state.
The two organisations have brought out a study on “Invest Nagaland,” which stated that “Nagaland is one of the 25 hot spots of the world with respect of its biological diversity and referred as a state with mega biodiversity.” It stated that despite being a resource rich state, the huge potential in food processing, agro-based sector remained untapped, an update from MSME EPC stated.
Releasing jointly the study on July 13, chairman of the MSME EPC, Dr. DS Rawat, and founder and CEO of BillMart FinTech, Jigish Sonagara, stated that the two institutions, in cooperation and coordination with the centre and state governments, would enhance the entrepreneurial skill of the potential and existing local entrepreneurs and develop awareness and knowledge on how to use technology for business promotion.
The study has analysed the investment in the state from 2017-18 to 2021-22 based on the data published by the CMIE. In 2021-22, the new investment projects were announced worth INR 300 million, while in 2020-21 worth INR 3515.2 million, in 2019-20 worth INR 3192.3 million, and in 2018-19 worth INR 1710.4 million.
The study observed that the total outstanding investment projects in 2017-18 were INR 221103.0 million and under implementation were INR 143771.7 million, in 2018-19 at the total of INR 217425.6 million and under implementation was INR 146921.7 million, in 2019-20 the total investment projects outstanding were worth INR 221375.8 million and under implementation was INR 148105.4 million.
According to the data available, in 2020-21 the total outstanding projects were INR 216357.7 million and under implementation at INR 146175.0 million and in 2021-22 the total outstanding investment projects were of INR 255526.9 million and under implementation at INR 184853.8 million.
Dr. Rawat said, “The state governments need to form a high powered committee preferably under the chairmanship of the chief minister to review each outstanding investment project and expedite the clearances to avoid the huge cost-escalation.”
The study has suggested the state government to encourage small investment through start-ups for developing local entrepreneurship to generate jobs, enhance farmers’ income for sustainable livelihood. As per the annual report for 2021-22 of the MSME Ministry, there are 0.91 lakh estimated number of micro enterprises in Nagaland.
The study stated that the state has been gifted with unique topography and varied agro-climatic and soil condition, which offers opportunities to cultivate a variety of horticultural crops like vegetables and fruits. It stated that in Nagaland, fruits and vegetables are produced in 25000 and 26300 ha with the total production of 25600-32000 tonnes respectively of which Dimapur district contributes major portion of production.
The BillMart chief, Sonagara stated that one of the biggest pain points of micro and small units today is gaining access to affordable credit. He, therefore, stated that BillMart has launched MSME GAIN (growth and intelligence network) with a vision to benefit one crore MSMEs with 100 crore hours of knowledge up-gradation by 2024.
The report further stated that the knowledge firm has developed digital ecosystem to handhold the MSMEs and provide seamless experience in raising short-term working capital, unlocking trade receivables, freeing cash flows.