Finance minister Nirmala Sitharaman on Wednesday said Nagaland requires more investment, and called on banks to further bolster their presence across the state to ensure greater financial inclusion. It will also ensure that benefits of various government schemes reach the intended beneficiaries.
During her three-day visit to Nagaland, the finance minister said a lot of CSR (corporate social responsibility) funds funds are flowing into the state but it’s yet to “get as much investment, as it is capable of absorbing more investment”.
The minister stressed that the Modi government has extended adequate fiscal support to Nagaland, as tax devolution to the state jumped to Rs 13,782 crore during the 2014-19 period, compared with Rs 3,844 crore between 2009 and 2014.
Similarly, Nagaland received as much as Rs 29,483 crore in central grants and aid during the 2014-19 period, against Rs 20,812 crore between 2009 and 2014.
To support credit flow to the state, Sitharaman has already asked banks to conduct a district-wise credit outreach programme for about three months through November 30.