Nagaland State sets aside Rs. 65 cr under CM microfinance initiative

Ilando services Pvt Ltd emerged the winner of the Nagaland start up competition under the category “registered start up” with a cash prize of Rs. 3 lakh at the 2022 startup competition organised by Startup Nagaland team, department of Industries and Commerce at Hotel De Oriental Grand, here, on Saturday.
Speaking at the programme agriculture production commissioner (APC), Y. Kikheto Sema said the state could generate revenue and provide employment to the youth only through agro-based industries and enterprises.
He disclosed that the state government has “set aside Rs. 65 crore under the CM microfinance initiative”, which would be launched by union minister on August 23 to help entrepreneurs and farmer.
In this regard, Kikheto encouraged the farmers and youth to come up with primary or secondary processing units.
In terms of agriculture infrastructure, APC said an amount of Rs. 230 crore has been “allocated to the state” and the funds would be allocated to the 16 districts.
At the programme, winners under “aspiring startups” were—Tribal logistics, Ngurie, Tabernacle, Online Express, Modern Myriad Branding Pvt Ltd. All the winners bagged cash prizes of Rs. 50,000.
NagaEd won the GST reimbursement category and a cash prize of Rs 1.5 lakh, Jome Food Pvt ltd under marketing & promotion with Rs. 1 lakh, Autocion under marketing & promotion with Rs. 1 lakh, NE Health Services, marketing & promotion with Rs. 1 lakh, Eduservcie LLP under marketing & promotion with Rs. 1 lakh and Ahibo LLP under seed money funding with Rs. 1 lakh.
Meanwhile, founder, NagaEd, Shiroi Lily Shaiza bagged the title “Best Women Led start-up.”
Earlier, introduction to judges and pitching parameters was carried out, followed by commencement of pitching of startups to the Nagaland Innovation society while director, department of industries and commerce Vitsutho Nyuthe delivered welcome address.
Bank representatives, North Eastern Development Finance Corporation Ltd (NEDFi), HDFC, North East Small Finance Bank were also present during the event.
It may be mentioned that Startup India in Nagaland is aimed at making Nagaland one of the top Startup destinations in India by providing the most enabling ecosystem to support and nurture startup entrepreneurship in the state. It is focused on facilitating start-ups to access various resources of the Startup Eco System available in the state.