NEDFi Injects Rs 766.47 Cr Into Northeast India, Boosts Economic Development With 5,338 Projects
The North Eastern Development Finance Corporation (NEDFi) continues to be a driving force in fostering economic development in the Northeastern region of India, as revealed in its recent report. According to an official statement by the ministry of development of north east region, the corporation has sanctioned Rs 766.47 crores and disbursed Rs 547.11 crores for a total of 5,338 projects across various sectors between 1 January 2023, to 30 November 2023.
The sectors benefiting from NEDFi's financial support include education & training, food processing, handlooms & handicrafts, healthcare, hotels & tourism, microfinance, and more. The corporation's commitment to economic growth is evident in its efforts to assist local entrepreneurs in setting up viable industrial projects.
During the period from 1 January 2023 to 30 November 2023, the North Eastern Development Finance Corporation (NEDFi) exhibited a robust commitment to fostering economic growth in the Northeastern region of India.
The corporation's state-wise sanctions and disbursements underscore its pivotal role in propelling diverse sectors toward development. In Arunachal Pradesh, NEDFi sanctioned Rs 14.37 crores and disbursed Rs 14.46 crores, showcasing targeted financial support.
Assam, being a key player in the region, received substantial backing with sanctions amounting to Rs 500.05 crores and disbursements of Rs 353.25 crores. Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura all experienced significant financial injections, contributing to their economic upliftment.
The cumulative impact across the Northeastern states resulted in a total of Rs 766.47 crores sanctioned and Rs 547.11 crores disbursed, signifying NEDFi's impactful role in driving economic prosperity in the region.
In its commitment to the Micro and Small Enterprises (MSE) sector, NEDFi has been proactive in identifying and nurturing first-generation local entrepreneurs. The corporation provides financial support on favourable terms to help them establish sustainable industrial projects. Credit schemes under the micro & small enterprises sector are extended at concessional rates of interest, supporting the growth of the MSME and Microfinance sectors in the region.
Two key schemes, the "NEDFi Micro Finance Scheme" and the "NEDFi Micro-Lending Scheme," were launched to aid small borrowers in unserved and underserved areas. These initiatives, providing wholesale micro-credit and direct financial assistance, have cumulatively extended Rs 40.84 crores and Rs 1031.49 crores under the NMFS, and Rs 52.60 crores to 4265 borrowers under the NMLS, contributing to the improved economic status of more than nine lakh beneficiaries, with over 90 per cent being women.
NEDFi's collaboration with the Ministry of Development of North Eastern Region (MDoNER) has resulted in the establishment of the North East Venture Fund (NEVF), a dedicated venture capital fund.
With a capital commitment of Rs 100 crores, the NEVF has generated enthusiasm among start-ups in the region. As of 30 November 2023, the fund has provided investment commitments of Rs 98.18 crores to a total of 67 projects, furthering the entrepreneurial ecosystem in Northeast India.
