Tuesday, August 16, 2022

FM Sitharaman to arrive State on July 4


Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman is scheduled to arrive Nagaland on July 4 on a three-day visit.
She would be addressing a series of conclaves on Corporate Social Responsibility (CSR), Bankers and Investors Meet at the State capital Kohima.
This is Sitharaman’s second visit to Nagaland. Earlier, she had visited the state in May 2018 when she was Union Defence Minister. Addressing a press conference, CEO Investment and Development Authority of Nagaland (IDAN), Alemtemshi Jamir, said the conclaves were aimed at attracting more CSRs to Nagaland since it was not receiving its due share.
He said that CSR was enacted in 2013 by the Centre under which companies with a net worth of Rs 500 crore or more and with a turnover of Rs 1000 crore or more were stipulated to reserve 2% of their profits to be utilized in social upliftment activities. Jamir informed that although Nagaland has over Rs 27,000 crore turnover annually, the State had been receiving only .006% in the form of CSR out of the total turnover. He expressed optimism that the Union Minister’s visit would bring a huge change in the State as a host of industry frontrunners including more than 50 chief executive officers (CEOs) were expected to attend the conclaves.
Although Nagaland had also been pitching for investments at various investors meet held in Mumbai, Delhi, Bangkok etc., Jamir said none has materialized so far and therefore a change was expected during the upcoming meet.
He also expressed hope that many investment opportunities would also come up following the conclaves.
Jamir said that the basic objective of the conclaves was to highlight the need of CSRs in the State and most importantly for NGOs and grassroots population to be able to interact with the companies.
He disclosed that IDAN had been collecting proposals and schemes for the past few months and pushing it into the corporate circles. He hoped that many of the proposals would be accepted. Jamir said that IDAN was hopeful of attracting over Rs 100 crore just under CSR alone while over Rs 200 crore in the form of loans to be disbursed under the Bankers’ credit outreach programme.
Jamir said another important factor in hosting the conclaves was to bridge the gap between the general population and the companies as that was one huge barrier, which largely remained out of reach for the people.
Stressing on the need to tap CSRs, Jamir said the political and economic paradigm was changing in the favour of the private sectors. He said that corporate world has overshot the political and administrative boundaries and was growing at a rapid rate.
Some of the big corporate that would be attending the conclaves includes TVS, Tata Steels, Oil & Natural Gas Corporation (ONGC), Bharat Petroleum Corporation Limited, International Business Machines (IBM), Axis Bank, Federal Bank etc.
Under Confederation of Indian Industry (CII) alone there are over 58 senior industrialists and most of them are expected during the conclaves.
Apart from that there are over 13 Central Public Sector Undertakings (CPSUs) like Oil India, Power Finance Corporation (PFC) and Numaligarh Refinery etc. all of which had already committed to a lot of investment in Nagaland in the form of CSRs, Jamir said.
He further informed that the CSRs were meant for the NGOs and people who can implement it.


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