Regulatory policy

Nagaland government has no private sector funding policy: NPCC | MorungExpress

Kohima, July 3 (MexN): The Nagaland Pradesh Congress Committee today accused the state government of not having a private sector funding policy.

Among other things, he alleged that the ‘much talked about’ investment of Rs 20 crore MSMEs (micro, small and medium enterprises) and all documents which are notified by the Government of India (GoI) are not applicable in Nagaland according to banks and financial institutions.

“The rules of SBI and other financial institutions are different,” the NPCC said in a press release issued by UTs President K Therie.

They do not adhere to the GOI notifications which have been notified and read in the public domain and in terms of implementation there is no CGS (Credit Guarantee Scheme) loan or unsecured loan (without collateral), a he declared.

There is no such loan that can revive ailing industries or start-up entrepreneur loan in Nagaland, he added.

The NPCC has also alleged that the election of Pradhan Mantri Rozgar Yojana (PMRY) loan recipients is “politically done” and therefore the recipients believe it to be a political giveaway.

“The selection of beneficiaries is not based on skills, commitment, feasibility report, etc., but is done on carbon copy project reports. As they do not reimburse, banks blame the public and refuse to give loans,” he said.

The NPCC also accused the state government of delaying the implementation of the SARFAESI (Securitization and Reconstruction of Financial Assets and Securities Interest Enforcement) Act for several years without knowing the revenue law and regulation. from Nagaland.

Except for a small part of Dimapur city, the state government has also not declared any cadastral areas, he added. As a result, the NPCC said that banks and financial institutions have not adopted any program for MSMEs in the state.

Meanwhile, the NPCC claimed that the state budget was earmarked for “wage allowances” and that the number of government employees had “fallen from ‘76,000 to 1,45,000’.

He further noted that the disguised appointments deprived all reservation policies and after paying huge debt service, the remaining development funds are “shared” by ruling politicians and different Naga political groups. Most months there is a shortage for the payment of wages, he added.

The NPCC also pointed out that the Chief Minister has “established his own chain of resorts and hotels” and that “five money laundering cases have been filed by the ED (Directorate of Law Enforcement ) against officials of the CMO (Office of the Chief Minister) and his relatives”.

To highlight the problems facing the state, he further listed Niti Aayog’s reported designation of Nagaland as the “worst performing state”; Governor’s statement on the failure of law and order due to unchecked multi-parallel governments; medical colleges, construction problems of the High Court and Dimapur Stadium, etc.

Many other development funds have been drawn without implementation, the NPCC further claimed.