According to the Nagaland Economic Survey 2022-23, only four districts in the state have undertaken activities under the Chief Minister’s Micro Finance Initiative (CMMFI) that has supported 45 beneficiary units for a total sum of Rs 5.1 crore. As per the survey published by the Department of Economics and Statistics, Government of Nagaland, the four districts are Dimapur, Kohima, Phek, and Wokha.
It may be recalled that the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and the Chief Minister of Nagaland, Neiphiu Rio jointly launched the CMMFI in Kohima on 23 August 2022.
The survey presents the status of the economy of the State during the last one year with micro insights into certain sectors. It is an analysis of the sectoral activities and developmental contribution to the economic growth of the State with a glimpse on the fiscal outlook.
The survey showed that apart from the four districts, the rest 12 districts in the state including Mokokchung have “Nil” number of applicants or beneficiaries, “Nil” amount approved and “Nil” amount sanctioned.
Out of the 45 approved activities under the scheme in the four districts, the highest number of applicants was for home stays at 16. Some of the other applicants included 6 in the logistics and mobile food services, 3 gym/fitness centers and 4 in expansion of existing units which included a printing press, beauty parlour, hardware business, and Educentre.
There were 31 applicants for Dimapur, 2 for Kohima, 2 for Phek, and 9 for Wokha. However, even though the amount of Rs 5.1 crore was approved, “Nil” amount was sanctioned. (Refer table below)
According to the survey report, “The scheme is meant for new enterprises, however 4 (Four) projects for expansion of already existing units has been approved. Only three projects (Home stays, logistics and mobile food services and Gym/Fitness centers) have been approved so far by the SLMC.”
“Chief Minister’s Micro Finance Initiatives (CMMFI) was launched by the Government of Nagaland in 2022 to increase farmers’ income, encourage self-employment and entrepreneurship development, inculcate a sense of credit discipline, boost private enterprises and improve the agri marketing network and infrastructure in the state,” the survey report said. “Under this scheme, subsidy and interest subvention against identified activities in the agriculture and allied sector including processing units, MSME, etc. are provided to eligible beneficiaries,” it added.
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