Mizoram Launches Flagship Credit Program for Farmers, Small Businesses

Aizawl, Feb 19 (PTI) The Mizoram government will soon launch a flagship programme aimed at making available institutional credit for agricultural purposes and small industries, Governor Hari Babu Kambhampati said on Monday.

The 'Bana Kaih' or hand-holding policy will be implemented by syncing various schemes and initiatives of the central government, he said.

Delivering his customary address on the first day of the budget session, Kambhampati said ‘Bana Kaih' is an “innovative policy”, which will address the “issue of availability of institutional credit, particularly microcredit, both for agriculture and small industrial endeavours”.

The governor said the targeted development of agriculture and allied sectors, which contribute to about 26 per cent of the gross state domestic product (GSDP), will be the core priority of the Zoram People's Movement (ZPM) government headed by Chief Minister Lalduhoma.

Improving the marketing aspect of agricultural produce by boosting physical market infrastructure and protecting the general interest of farmers will be accorded importance as well, he said.

“Horticulture, fisheries, veterinary and animal husbandry and sericulture activities, which are key means of livelihood, will also be given renewed attention,” Kambhampati said.

The assembly session will conclude on March 13 and Lalduhoma, who also holds the finance portfolio, is scheduled to present the state's annual budget on February 27.

Kambhampati said the council of ministers in its meeting on February 5 had approved the Operational Guidelines for Agricultural Market Assurance Fund (AMAF) for procurement of notified crops through state-level agencies.

Initially, four crops – ginger, turmeric, chilly and broomsticks – are in focus, he said.

On economic headwinds, the governor said “we need a multi-pronged approach that must include, among others, fiscal prudence, financial discipline, austerity measures, judicious resource management and effective mobilisation”.

Kambhampati said the government will make massive efforts to attract more investment, and the Mizoram Sustainable Investment Policy, 2024, will be an earnest step towards this goal.

“The policy will aid in attracting diversified investments, create employment opportunities, enhance infrastructure, promote skill development, facilitate technology adoption and boost the overall socio-economic growth of the state,” the governor said.

He also said the state government recognises the need for development, construction and maintenance of infrastructure, among which road infrastructure is the most important.

“Innovations and new practices in road technology will be incorporated wherever possible," he said.

Efforts will be made for improving efficiency in generation, transmission and distribution of power, too, Kambhampati added.