Kohima, 14 February (MTNews): The Small Industries Development Bank of India (SIDBI) has entered into an agreement with the Nagaland government, committing over Rs 100 crore for entrepreneurship projects. SIBDI Chief General Manager Subhransu S Acharya said it would fund four projects, including setting up industrial infrastructure for MSMEs under the cluster development fund and Swavalamban Connect Kendras (SCK) for all 16 districts to boost the spirit of entrepreneurship. This announcement was made on 13 February 2024 during the inauguration of the SIDBI project in collaboration with the Investment & Development Authority of Nagaland (IDAN).
SIDBI led by none other than the Chairman & MD S.Ramann launched various projects for our youth & entrepreneurs.Very grateful to @sidbiofficial for this partnership.Govt of Nagaland under HCM @Neiphiu_Rio will continue to build eco-system for our entrepreneurs & economy to grow. pic.twitter.com/QzGWxYuP06
— Hekani Jakhalu (@Hekani) February 13, 2024
Sivasubramanian Ramann, Chairman & Managing Director of SIDBI, served as the Guest of Honour. He reiterated SIDBI’s commitment to supporting the entrepreneurial aspirations of the youth in Nagaland and the Northeast region. Ramann highlighted the transformative impact of access to finance, mentorship, and market linkages on budding enterprises, fostering a vibrant startup ecosystem. Ramann introduced the Alternate Investment Funds of SIDBI, designed to assist startups and MSMEs in the state. He emphasized the importance of awareness programs on the available funds and the state’s educated workforce, coupled with the government’s intent to promote entrepreneurship, heralding a brighter future for Nagaland.
The ceremony witnessed the launch of several impactful projects aimed at nurturing startups and entrepreneurs in the region. Key initiatives included the State and District level Swavalamban Connect Kendras (SCKs) in Kohima, providing essential support to budding entrepreneurs across various sectors statewide. Additionally, SIDBI Sports Scholarships were introduced, supporting five promising sportspersons annually through the Nagaland Olympic Association.
IDAN & SIDBI signed MoUs on SIDBI Startup Seed Fund and SCDF (SIDBI Cluster Development Fund), aiming to scale up Nagaland’s startup ecosystem. The event concluded with interactions between Entrepreneurs, Business Associations, Social Enterprises, NGOs, and SIDBI Officials. Representatives from diverse sectors engaged in fruitful discussions, laying the groundwork for future collaborations.
Hekani Jakhalu, Advisor for Industries & Commerce, graced the ceremony as the Special Guest. She underscored the pivotal role of entrepreneurship in fostering economic resilience and social empowerment. Jakhalu emphasized the importance of collaborative efforts among the government, private sector, and civil society to create an enabling environment for entrepreneurs.