Tag: northeast economy note

Digital North East Vision 2022 (APSC Assam/Northeast Economy Notes)

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Digital North East Vision 2022 (APSC Assam/Northeast Economy Notes)

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Digital North East Vision 2022

In 2018, the Union Ministry for Electronics and Information Technology released the ‘Digital North East Vision 2022’ aimed at maximum use of digital technology to transform lives of people. Digital North East is envisioned as an integral part of Digital India programme.

The Vision Document aims to provide a roadmap for translating the vision of Digital North East 2022 into firm action plan for each of the North East State. Objective of the initiative is “Maximum utilisation of digital technologies to transform lives of people of the north east region”.

 

Main Objectives of Digital North East 2022 are

  • To provide high speed broadband connectivity and mobile connectivity in all the uncovered villages in the northeastern region.

  • To create a Cloud- hub at Guwahati with Disaster Recovery Center for the NER.

  • To expand Common Service Centers to all Gram Panchayats in North East States.

  • To provide better access to quality health, educational and agricultural services using Digital Technology.

  • To promote local tourism, art and culture, handicraft, handloom.

  • To establish Start-ups and innovation Hub for North East.

  • To provide safe and secure cyberspace for digital north east by setting up specialized cyber security labs and by providing skill development through special trainings and IEC.

 

Eight thrust areas have been identified, these are

  • Digital Infrastructure

  • Digital services

  • Promotion of Electronics Manufacturing

  • Digital empowerment

  • Promotion of IT and ITes including BPOs at small cities of North East.

  • Digital Payments

  • Innovation & Startups

  • Cyber security.

 

Through these, it aims to empower the people of the North Eastern region. It has developed state-wise roadmaps for implementing digital initiatives in North East States. Union government will invest nearly Rs. 10,000 crore in the NE region over next 4 years to implement more than 400 projects. It will help in leveraging power of Information Technology to leapfrog the overall development of North East region and realize its full potential.

The implementation will require symbiotic and collaborative efforts between the Central Ministries and Departments concerned and the Governments of the North East States. The majority of the projects will be implemented by the Department of Telecom.

As part of the initiative, Union IT minister also inaugurated the first electronics manufacturing cluster in the North-Eastern region in Guwahati.

 

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North Eastern Regional Agricultural Marketing Corporation (NERAMAC) (APSC Assam Economy Notes)

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North Eastern Regional Agricultural Marketing Corporation (NERAMAC) (APSC Assam Economy Notes)

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North Eastern Regional Agricultural Marketing Corporation (NERAMAC)

The NERAMAC Limited was incorporated in the year 1982 as a marketing organization in the field of Agri-Horti sector of the North-eastern region, under the administrative control of the Ministry of Development of North Eastern Region (DoNER). Its registered office is located at Guwahati.

It is a Government of India Enterprise operating under the administrative control of the Ministry of Development of North Eastern Region (DoNER). NERAMAC is a pioneer marketing organization in the field of Agri-Horti sector of the North-eastern region, involved in supporting farmers right from the fields and upto the markets to the end consumers through registered FPO/FPCs.

It was set up to support farmers/producers of North East getting remunerative prices for their produce and thereby bridge the gap between the farmers and the market and also to enhance the agricultural, procurement, processing and marketing infrastructure of the Northeastern Region of India.

NERAMAC is continuously making all efforts for the development of the farmers of the region and double their income by the end of 2022.

The Union Minister for Development of North Eastern Region (DoNER) laid the foundation stone of NERAMAC marketing complex in Guwahati, Assam. The marketing complex will be a destination to showcase the products of the North-Eastern region.

Role of North Eastern Regional Agricultural Marketing Corporation ( NERAMAC)

  • The main role of NERAMAC is to purchase the marketable surplus of fruits and vegetables from the growers of the North East, to make necessary arrangement for its processing and marketing and to support farmers and producers through input supplies for better productivity under the aegis of Central Sector Schemes.
  • It associated with the Ministry of Food Processing Industries (MoFPI) for development of food processing in the NE region apart from involving itself in Central Sector schemes like Mission for Integrated Development of Horticulture (MIDH).
  • It has also taken up assignment to co-ordinate and assist in attracting investment, create awareness on food processing and to assist MoFPI in administering the National Mission on Food Processing in the North East.
  • NERAMAC has sponsored a Techno-Economic Feasibility Study to look at the feasibility for setting up collection and procurement Centres of agro-horticulture commodities viz. Pineapple, Orange, Ginger, Apple, Kiwi and Passion fruit in nine places viz. Diphu, Haflong, Krishnai (Assam), Bomdila, Roing (Arunachal Pradesh), Churachandpur (Manipur), Vairangte (Bhaga) in Mizoram, Nongpo and Phulbari (Meghalaya).

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North East Venture Fund (NEVF) (APSC Assam Economy Notes)

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North East Venture Fund (NEVF) (APSC Assam Economy Notes)

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North East Venture Fund (NEVF)

North Eastern Development Finance Corporation Limited (NEDFi) in association with Ministry of Development of North Eastern Region (M-DoNER) has launched North East Venture Fund (NEVF), the first dedicated venture capital fund for the North Eastern Region.

The capital commitment to the fund is Rs. 100 crore with an initial contribution of Rs.75 crore consisting of Rs. 45 crore from Ministry of DoNER and Rs. 30 crore from NEDFi. The balance fund of Rs. 25 crore has been committed by Small Industries Development Bank of India (SIDBI) in-principle.

The objective of the Fund is to contribute to the entrepreneurship development of the NER and achieve attractive risk-adjusted returns through long term capital appreciation by way of investments in privately negotiated equity/ equity related investments.

The primary objective of North East Venture Fund (NEVF) would be investment in enterprises focused on Food Processing, Healthcare, Tourism, Aggregation of Services and IT located in the NER and to provide resources for entrepreneurs from the region to expand throughout the country.

It would also invest in areas such as development of new products and services, technological up gradation, expansion or diversification, process improvement and quality improvement with the purpose of creating value for all stakeholders.

Investments will typically be in startups, early stage and growth stage companies with new products and technologies or innovative business models which have the potential to bring superior value proposition to the customers and clients and high growth in earnings and profitability.

Investment Manager will select businesses for investments which have high scalability and can reap dividend by quickly and cost effectively reaching to their target customers.

The Fund will also cover organizations which are in partnership / proprietorship form with the aim to convert them into company form of organization, so that the Fund is able to invest in them.

Each investment will be limited to a minimum of Rs.25 lakh and a maximum of Rs.10 crores.

The investments and implementation of the projects undertaken under NEVF are monitored  on continuous basis, through submission of quarterly reports to Securities and Exchange Board of India (SEBI), customized Management Information System (MIS) and Independent Investment Committee meant for the purpose.

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North Eastern Development Finance Corporation Ltd (NEDFi) (APSC Assam Economy Notes)

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North Eastern Development Finance Corporation Ltd (NEDFi) (APSC Assam Economy Notes)

Assam Economy - Assamexam

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North Eastern Development Finance Corporation Ltd (NEDFi)

The I. K. Borthakur Committee Report in 1994 conceptualized the formation of a North-Eastern Development Bank to cater to the needs of NE region.

The North Eastern Development Finance Corporation Ltd (NEDFi) is a Public Limited Company registered under the Companies Act 1956 on 9th August, 1995. The shareholders of the Corporation are IDBI, SBI, LICI, SIDBI, ICICI, IFCI, SUUTI, GIC and its subsidiaries.It initially had an authorized capital of Rs 500 crores and a paid up capital of Rs. 100 crores.

Initially it was placed under the Ministry of Finance, Banking Division for administrative purpose. In 2004, the Ministry of Development of North Eastern Region (DoNER) was formed  and the Corporation has been placed under this ministry.

NEDFi has a specific role of both development and financing on behalf of Govt of India in North East comprising of 8 states including Assam.

It fuel industrialisation and nurture entrepreneurial spirit in one of the most industrially backward pockets of the country’s NE region.

NEDFi provides financial assistance to micro, small, medium and large enterprises for setting up industrial, infrastructure and agri-allied projects in the North Eastern Region of India and also Microfinance through MFI/NGOs.

It also offers Consultancy & Advisory services to the state Governments, private sectors and other agencies.

It conduct sector specific and state specific studies under its Techno-Economic Development Fund (TEDF).

It is the designated nodal agency for disbursal of Govt. of India incentives to the industries in the North-East India under North–East Industrial and Investment Promotion Policy 2007 (NEIIPP 2007).

It also does promotional activities like mentoring through Water Hyacinth Craft, NEDFi Convention Center, NEDFi Pavillion etc.

It aimed is for the economic development of the North Eastern Region of India by identifying, financing and nurturing commercially and financially viable projects in the region.

NEDFi has set up the North East Venture Fund (NEVF) for North East Region. The capital commitment to the fund is Rs. 100 crore with an initial contribution of Rs.75 crore consisting of Rs. 45 crore from Ministry of DoNER and Rs. 30 crore from NEDFi. The balance fund of Rs. 25 crore has been committed by Small Industries Development Bank of India (SIDBI) in-principle.

The overall objective of the NEVF is to contribute to the entrepreneurship development of the NER and achieve attractive risk-adjusted returns through long term capital appreciation by way of investments in privately negotiated equity/ equity related investments.

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