Dimapur, November 5 (MTNews): The Session 3 of the Business summit at National Integrate Innovate Expand (NIIE) Trade Fair at Chumukedima on Saturday focused on Business Financing, deliberating on financial schemes/initiatives available for entrepreneurs, how financing can be made easier for entrepreneurs, as well as current problems and potential solutions.
According to the session discussions, timely availability of finance at reasonable terms is one of the critical inputs for businesses to grow and prosper. Following that, the participants in the session agreed that PM Modi’s “Vocal for Local” initiative, as well as the schemes of banks and financial institutions have been sources of assistance in the development of small businesses.
The competent and compelling arrangements made by financial players while keeping local factors in mind are critical to fostering economic development, the session observed.
Sashi Pongener, Former DGM State Bank of India and Chairman, Nagaland Rural Bank and CEO of BAN Thrift and Credit Cooperative Society Ltd., in his opening remark said that BAN is actively engaged and committed to encouraging and supporting Naga entrepreneurs, particularly young entrepreneurs.
Pongener recalled how joint stock companies in British India were first established in the North Eastern state of Assam, with headquarters in London, and how “dense jungles were cleaned and tea gardens were established.”
“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” and that “no bankers and entrepreneurs were needed for their businesses to grow,” he said.
He also mentioned how there were no District Industries Centre, email, WhatsApp, or STD phone services, but the industry grew, expanded, and provided employment for 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.
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, and Assi Gogoi Br. Manager, ICICI Bank were among the panellists. L Mongkum Jamir, President of the Business Association of Nagas (BAN) and Managing Director of Symbios Creations Pvt. Ltd., served as the moderator.