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Nagaland needs exposure for investment: Union Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Wednesday said that Nagaland has huge resources and it needs good exposure for investment.

Nirmala Sitharaman

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  25 Aug 2022 3:12 AM GMT

DIMAPUR: Union Finance Minister Nirmala Sitharaman on Wednesday said that Nagaland has huge resources and it needs good exposure for investment.

After a three-day visit to the Northeastern State, the Union Finance Minister said in Dimapur that industries can come to Nagaland to utilize the available resources.

"From the Finance Ministry side, we would see enough bank excess in all the districts. Banking facilities can be availed through mobile banking facilities. There are 271 bank branches functioning in different districts of Nagaland with 94 branches in Dimapur," she told the media before leaving the state for Delhi.

"In the bankers' conclave and credit outreach programme in Nagaland capital Kohima on Tuesday, I have asked the bankers to open more branches in the districts where there is no adequate number of bank branches. The Government wants financial inclusion of all people and to reach the benefits of all government schemes to all the eligible people."

Giving details about how the Centre helped Nagaland, the Finance Minister said that under the tax devolution, the State got Rs 13,782 crore in 2014-2019, while it received Rs 3,844 crore in 2009-2014. She said that under the category of grants-in-aid, Nagaland received Rs 29,483 crore in 2014-2019 against Rs 20,812 crore during 2009-2014.

In the current fiscal year (2022-23), the State got Finance Commission grants of Rs 4,773 crore.

The Minister said that during the Covid pandemic, all the States including Nagaland received special financial assistance for the development of infrastructure and the financial aid helped the States in a big way.

For building infrastructure, Rs 1 lakh crore would also be given to all the States.

Under the new scheme, Prime Minister's Development Initiative for North-East (PM-DevINE), she said that Nagaland may submit capital expenditure projects up to an amount of Rs 1,600 crore.

Sitharaman, while presenting the Union Budget 2022-23 in February, announced the PM-DevINE, to be implemented through the North-Eastern Council, and an initial allocation of Rs 1,500 crore was allocated for the new scheme.

Under the Smart City Mission projects, she said that 17 of the 38 were completed in Nagaland and Kohima city alone got Rs 245 crore under the mission.

During her visit, the Union Finance Minister attended the Bankers' conclave and credit outreach programme and Nagaland Corporate Social Responsibility (CSR) and Investment Conclave 2022 in Nagaland's capital Kohima.

Speaking at the bankers' conclave on Tuesday, Sitharaman said on Tuesday that the Government is attempting to implement every scheme in such a way that all eligible citizens are covered.

She said that banks, which deal with very essential financial requirements, need to keep themselves adept and up-to-date on technologies which enable mobile banking.

She said that in Nagaland, the Government's mission is to include all eligible citizens in each Government scheme because of the nature, topography and terrain that the State is endowed with, and access being a challenge, the only way to overcome it is mobile connectivity. (IANS)

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