Mokokchung, July 15 (MTNews): A newly launched Hotel and Restaurant namely, The Magnus, was inaugurated by Tongpang Ozukum, Minister of Housing and Mechanical, Nagaland on Friday.
Speaking at the inauguration of The Magnus, Tongpang Ozukum asserted that the hotel is a much needed infrastructure for the town, stating that he had previously heard of an influx of tourists not being able to find accommodation in the town because of shortage of rooms in the hotels. He also added that it was an opportunity for the young youths to obtain self-reliance.
The minister went on to praise the proprietors, Sungjem and Er. Philip, for their entrepreneurial approach highlighting on the example that Nagaland has been called a salaried state with regards to people not being actively involved in entrepreneurship.
Along this line, Tongpang Ozukum said that the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 has opened a big window of opportunity for the Nagas and that it will benefit those interested in taking up business to establish their enterprises. He said that the state government has adopted a resolution on the SARFAESI Act, 2002 to help business people and aspirants to acquire loans by mortgaging their assets to establish their business under cadastral surveyed land. He also highlighted the importance of cadastral survey for obtaining bank loans and mortgages.
The minister also informed that the SARFAESI Act has a pre-condition that in the event of default of loan repayments, the mortgaged properties/assets shall be sold only to indigenous Nagas by the bank for recovery or reconstruction.
He also highlighted that the Chief Minister of Nagaland has announced the CM Micro Finance Initiative, a scheme for the educated unemployed in need of financial assistance for entrepreneurship, and urged the youths to take advantage of the scheme to start their business ventures.
Ozukum asserted that the state invests only 6 percent of funds in development activities and the remaining 94 percent is spent on salaries of government employees. However, as per government directive, 65 percent of funds should be spent for development and 35 percent for employment. In this respect, he asserted that time has come for Nagaland to transform the salary economy into a capital economy.
The program was chaired by Lanutemsu and Rev. Moa Aier spoke on behalf of ABAM who owns the building, while a dedicatory prayer was pronounced by Rev.Dr. Mar Atsongchanger.
The Magnus is a Hotel cum Restaurant located in the middle of Mokokchung Town at Alongmen ward, opposite Nagaland Rural Bank, and in close proximity to all prime establishments in the town. The new hotel has 15 rooms in total, including a restaurant, homely 6 bedded dormitory, single/double bedded Deluxe Rooms, a large AC Round Table Conference Room and topnotch large bedded VIP Suites.