As rightly stated by the Eastern Naga Students’ Federation (ENSF), the just concluded CSR and Investment Conclave and Bankers Meet held in Kohima and organized by the Investment and Development Authority of Nagaland (IDAN) and Government of Nagaland is truly a ground breaking initiative. It may well be regarded as a watershed moment in the history of economic development of Nagaland state. It was also historic because it was the first time that a Union Finance Minister had visited the state as per reports. It was also the first time that more than a hundred corporate delegates and investors had attended a conclave in Nagaland.
Further, through the credit outreach program of the banks as informed by the chief minister himself, the banks will be extending credit of Rs.223 crore under various schemes as well as retail loans to the people of Nagaland. Besides, a total of 52 projects to be sponsored by various companies in Nagaland as part of their Corporate Social Responsibility (CSR) were inaugurated by the Union Finance Minister. Most of the projects are related to health, education and skill and entrepreneurship development.
It may be noted here that out of the Rs 1.25 lakh crore which companies have spent as part of their mandatory corporate social responsibility (CSR) over the last seven years in India, only Rs 8 crore — that is about 0.006% — was spent in Nagaland. This time, through this conclave, HUDCO alone made a CSR contribution of Rs 2.14 crore in Nagaland. To put things in perspective, Nagaland received a total of Rs 8 crores in CSR during the last 7 years (which is about 1.14 crore a year). Now, compare that to Rs 2.14 crore CSR contribution by HUDCO alone this time. And there were 35 other CSR contributions as per reports. For a resource crunched state like Nagaland, it was a cash windfall. One may refer to the August 23 and 24 editions of this newspaper for more details.
Besides, several projects were identified for investments by prospective investors for undisclosed amounts of money. All in all, it was a truly successful conclave. This will hopefully mark the beginning of a new era of development in Nagaland, a moment that will redefine the meaning of ‘development’ detached from government sponsored development. In other parts of the world, especially in liberal market economies, it is the private sector that fuels development. Hopefully, this conclave will give birth to a new culture of entrepreneurship in Nagaland.
Now, the sad reality is that none of the investors who attended the conclave are investing in Mokokchung because there was no one from Mokokchung to pitch a presentation. Not a single NGO that meets the criteria for CSR funding is based in Mokokchung. Not a single startup from Mokokchung listed in the conclave. The people of Mokokchung need to wake up before it is too late.