Kohima: With a view to attract more Corporate Social Responsibility (CSR) investment, the Nagaland government through its Investment and Development Authority is geared up to hold the first ever Nagaland CSR, Investment and Banking Conclave from July 4 to 6 in Kohima.
Union Finance Minister, Nirmala Sitharaman along with many top bankers and investors from across the country will be participating in the three-day long programme, informed Investment and Development Authority of Nagaland (IDAN) Chief Executive Officer, Alemtemshi Jamir during a media briefing here on Saturday.
Jamir said that while CSR is an enactment of the Central government since 2013 directing all companies with a net worth of Rs 500 crore or more and turnover of Rs 1,000 crore or more should keep two per cent of their profit for CSR activities.
Nagaland has not been getting its due share of CSR, said Jamir, adding that out of the Rs 27,000 crore CSR, the state is getting only 0.006 per cent, which is a very small amount of the CSR and that is why the conclave has been mooted to attract more CSR investment in the state.
The conclave is basically to showcase the need for CSR investments in Nagaland, and also for NGOs and grassroots entrepreneurs from the state to take part and attract investors, he said.
Union Finance Minister will grace the inaugural session of the conclave on Monday evening, he said.
The Investors’ Meet in earlier years used to be held in major metropolitan cities or abroad, because of which Nagaland could not benefit much, he said.
Even before the start of the conclave, there is an assurance of about Rs 40 crore CSR for Nagaland while we hope to cross Rs 100 crore during the conclave depending on the NGOs pitching on the companies to invest on their projects, he said.
Around 20 NGOs from Nagaland having CSR registration and also fulfilling the CSR investment criteria would be participating in the conclave, he informed.
Around 50-60 CEOs and CAOs representing large corporates from the Confederation of Indian Industries (CII) would also be joining the conclave, he said.
Asked if the state government has any specific projects for companies to invest in Nagaland, Jamir said that proposals are there for setting up of eye hospital by Netralaya, Pathological Labs across the state, private paramedical institute, textile industry and others including investment in tourism sector and credit outreach centre in rural areas.
—PTI

Press Trust of India