1. Startup Eco-system is currently blooming all over India and we have a lot of skilled entrepreneurs with brainstorming ideas here in North-east region as well. So how is NEDFi helping in capacity building of such startups?

The Hon’ble Prime Minister of India at the 65th Plenary Session of NEC held on 26th and 27th May 2016 in Shillong had stressed the importance of entrepreneurship, venture funds, start-ups, and skill development in the region. In view of this, North East Venture Fund (NEVF), the first and only dedicated venture fund for the North Eastern Region has been set up, promoted by NEDFi, Ministry of DoNER, and SIDBI, for growth of business ventures and skill development in the region. The fund targets to invest in startups and unique business opportunities from the region or focused on the region. The Fund is a sector agnostic with a focus on Food Processing, Healthcare, Med Tech, Tourism, Education, Agri Allied, Aggregation of Services, IT & ITES, and other upcoming technologies. The fund provides high-risk long-term capital to enterprises with scalable and viable business models, thus trying to fill the gap of equity faced by the entrepreneurs of the region, especially the first-generation entrepreneurs. The fund also acts as an enabler to stipulate enterprise building in the North Eastern Region and thereby contribute towards the creation of the vibrant ecosystem required for nurturing and development of enterprises in the Region.

2. What are the initiatives taken by NEDFi under the North East-Techno Economic Development Fund (TEDF)?

The Techno-Economic Development Fund (TEDF) conducts various techno-economic studies for industry and infrastructure best suited to the region. The area of study in the North Eastern States presently covers resource mapping of mineral deposits, hydropower generation, forest products, afforestation potentialities, medicinal & aromatic plants, agriculture cropping, livestock & poultry development, tourism, software development, telecommunication, handloom & handicrafts, small & medium industries marketing infrastructure, etc. So far, a total of 101 studies have been completed and 11 studies are in various stages of progress.

3. In what course of action is NEDFi providing financial assistance to the MSMEs?

The MSME sector continues to be the major focus area of NEDFi. The loan products of NEDFi are structured mainly towards the development of the MSME segment, which is a key driver of economic growth and capital formation in the NE Region. For the development of this segment, NEDFi has taken initiative to identify and nurture potential first-generation local entrepreneurs and provide finance on easy terms to them to set up viable industrial projects. Besides, NEDFi undertakes initiatives towards promotion and development of MSME and microfinance sectors in the region viz. mentoring assistance to first-generation local entrepreneurs, preparation of project reports, credit linkages, marketing support, skill development, capacity building, etc.

4. How is NEDFi contributing in the economic upliftment of the North-Eastern Region?

NEDFi’s primary agenda is the economic development of the North Eastern Region. On one hand, we are financing the hefty projects and on the other, we are providing hand-holding services and financial assistance to micro & small enterprises and micro-finance sectors for income-generating activities, particularly in un-served and under-served areas for more geographical outreach.

Secondly, NEDFiprovides multi-disciplinary consulting services to industrial, infrastructure, and social development projects of Central and State Governments, Public and Private Sector companies, Public Utilities, Multi-lateral funding agencies, Investors and Developers, etc.

Thirdly, through North East Venture Fund,  we have been providing assistance to startups as well.

Fourthly, NEDFi is the designated nodal agency for disbursal of Govt. of India incentives to the industries in North-East India under North East Industrial Policy (NEIP) 1997, North East Industrial & Investment Promotion &Policy (NEIIPP) 2007, and North East Industrial Development Scheme (NEIDS) 2017 which is administered by the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, Government of India. The Corporation facilitates disbursement of subsidies under the Transport Subsidy Scheme, Central Capital Investment Subsidy Scheme, Central Interest Subsidy Scheme, Freight Subsidy Scheme & Central Comprehensive Insurance Subsidy Scheme to industrial units of all the eight NE States.

NEDFi is also designated as the Nodal Agency for disbursement of subsidy under Component B of “Mission Organic Value Chain Development for North Eastern Region”(MOVCDNER), a Central SectorScheme of the Ministry of Agriculture and Farmer Welfare.

Thus, NEDFi is not only providing financial assistance but also undertaking various developmental & promotional activities in the region. All these activities are going hand in hand to fulfill the primary vision of economic upliftment.

5. What are the different CSR activities performed by NEDFi?

NEDFi undertakes various CSR initiatives to organise programmes on various trades for providing alternative sustainable livelihood to the artisans in water hyacinth craft, handloom & handicraft sectors etc. The objective of conducting such programmes is to ensure that the participants are able to learn successful strategies and acquire appropriate tools for self/ wage employment. They will also be able to contribute towards the poverty alleviation of their community.

For the development of craft sector of the region and to provide sustainable livelihood to the rural artisans of the region, NEDFi is working with various premier organizations of the region as well as of pan India.

NEDFi is also facilitating marketing support to the artisans of NER through exhibition participation in national & international fairs and also marketing products through its various showrooms.

6. What kind of employment generation, has NEDFi done in Assam? What is the scope of future employment generation?

In Assam NEDFi, through its assisted units has generated direct employment of about 3.50 lakh. In addition, through the units assisted under Microfinance Scheme, NEDFi has facilitated the generation of indirect employment, particularly for women, to about 9 lakh in the region, the majority are from Assam.

Besides, through our assisted start-ups, we have generated around 3500 jobs in the region, the majority are from Assam.

For the future generation, NEDFi will focus on MSME development for providing higher employment opportunities in the region. Besides, we definitely have more potential individuals recruiting in various ventures and startups. We aspire to provide assistance in huge numbers and hefty amounts. All the startups that we have invested in are providing employment opportunities to youths of the region. The more we handhold the artisans, entrepreneurs, startups, and other enterprises, the more we generate employment opportunities for the region. Thus, we certainly perceive a great scope for future employment generation and development of the entire region.