NewzVille Desk
Chief Minister Neiphiu Rio on Tuesday said that the development of Micro, Small and Medium Enterprises (MSMEs) remains a key priority of the state government as it plays a crucial role in employment generation and economic growth.
Replying to a discussion on ‘Critical role of MSME in improving Nagaland’s Economy” in the Nagaland Legislative Assembly, the Chief Minister informed that nearly 50,000 enterprises have been registered in the state under the Udyam Registration Portal as of March 9 this year, with the majority being micro enterprises.
Of these, 48,446 are micro enterprises, 175 small enterprises and 16 medium enterprises, highlighting the dominance of micro-level businesses in Nagaland’s entrepreneurial ecosystem.
Rio said that since its inception, 777 MSMEs have been created under the Chief Minister’s Micro Finance Initiative, involving a total project investment of 65.31 crore rupees.
The MSMEs created under the scheme have the potential to generate more than 1,500 direct employment opportunities, primarily through transport services, rental, hospitality, business and small manufacturing units. The government subsidy of 19.37 lakhs in the MSME sector has generated a total investment of 65.31 crores into the total economy, producing a fiscal multiplier of roughly 3.3 times.
He also informed that at present, 13 MSME development projects are under implementation in the State.
In addition, 15 new projects have been submitted to the Ministry of MSME for approval to strengthen industrial infrastructure and promote cluster-based development.
Rio said, under the Prime Minister’s Employment Generation Programme, the target for 2025–26 is 454 projects, of which 66 projects have been sanctioned so far, with 178.98 lakh rupee of margin money claimed.
Over the last five years, 3,715 beneficiaries have been supported under the scheme, he added.
Rio further informed that the state government is planning to establish a Yarn Bank in Nagaland to support artisans and weavers by ensuring the steady availability of quality yarn at affordable rates.
The initiative, he said, would help reduce production costs, strengthen the traditional textile sector and promote Naga designs in national and international markets.
He also noted that Government is also fully aware of the challenges faced by MSMEs, particularly in relation to access to credit, bank approvals, and market linkages.
Rio assured that the Government will continue to focus on improving ease of doing business, strengthening financial support mechanisms, encouraging innovation, and promoting local enterprises so that MSMEs can grow into sustainable and competitive businesses.
