In an exciting development, the Small Industries Development Bank of India (SIDBI) has committed over Rs 100 crore to support entrepreneurship projects in Nagaland, marking a significant investment in the state’s business landscape. The announcement follows an agreement between SIDBI and the Nagaland government, reflecting a strong partnership aimed at fostering innovation and growth in the northeastern region.
During a recent event, SIDBI’s Chief General Manager, Subhransu S Acharya, unveiled plans to allocate the funding towards various initiatives, including the development of industrial infrastructure for micro, small, and medium enterprises (MSMEs) under the cluster development fund. Additionally, support will be provided for the creation of Swavalamban Connect Kendras (SCK) across all 16 districts of Nagaland, with the goal of inspiring and nurturing entrepreneurship at the grassroots level.
In a further display of commitment to the region, SIDBI also announced sports scholarships worth Rs 5 lakh each for the training of five promising sportspersons, reflecting a holistic approach to community development and empowerment. Moreover, the institution will provide seed funds to bolster the efforts of entrepreneurs at the outset of their startup journeys, recognizing the importance of early-stage support in driving long-term success.
Key figures, including Nagaland’s Advisor for Industry and Commerce, Hekani Jakhalu Kense, and SIDBI’s Chairman and Managing Director, S Ramann, participated in the event. Kense expressed her appreciation for the support extended by SIDBI, emphasizing the pivotal role of local entrepreneurs in driving the state’s economic growth. She underscored the clear vision of Chief Minister Neiphiu Rio, who has championed the notion that the growth of the state’s economy is intrinsically tied to the growth of its local entrepreneurs.
In his remarks, Ramann articulated his optimism for the future, highlighting the potential for burgeoning startups in Nagaland. He expressed confidence that the collaborative efforts between SIDBI and the Nagaland government would pave the way for a thriving entrepreneurial ecosystem, thereby contributing to the socio-economic progress of the state.
SIDBI’s substantial undertaking stands as a testament to the institution’s unwavering commitment to fostering entrepreneurship and driving economic growth in underserved regions, such as Nagaland. Through strategic investments and targeted support, SIDBI is poised to catalyse a new era of innovation and opportunity in the northeastern state, thereby creating a ripple effect of positive change in the larger socio-economic landscape.
As we celebrate this promising collaboration, it is imperative to recognize the transformative power of entrepreneurship in propelling communities towards prosperity and self-sufficiency. With the steadfast support of SIDBI and the proactive vision of the Nagaland government, the state is poised to chart a new course towards sustainable growth, one that is grounded in the spirit of enterprise and innovation.
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