Financial Daily from THE HINDU group of publications
Wednesday, Mar 10, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 10, 2004 |
||
|
|
||
|
Agri-Biz & Commodities
-
Farm credit Money & Banking - Public Sector Banks Industry & Economy - SSI SBI to team up with Sikkim Govt to boost SMEs Nilanjan Dey
Recently in Gangtok STATE Bank of India has decided to encourage small and marginal enterprises in Sikkim's traditionally natural resources-based economy. It plans to team up with the State Government to promote emerging industries such as floriculture, dairy and healthcare. Local SBI officials underline the prospects of agri-forestry and allied activities, which are expected to generate considerable revenues and create fresh employment opportunities in future. They also feel that the bank will be able to tap these sectors more aggressively in the days to come. It may be pointed out that Sikkim has been stressing a lot on ecologically-friendly industries, an issue that is currently being espoused strongly by the Chamling Government in the State. While traditional forms of agriculture constitute the base of the local economy, special efforts are being made to produce cash crops such as cardamom and ginger. According to Mr B. Roychoudhury, DGM, the bank is also eyeing possibilities of doing more business in the region after the Nathula Pass is opened up. "A link to the Chinese market will usher in new opportunities for a bank such as ours," he told a group of visiting newspersons. The inclusion of Sikkim in the North-East Industrial Policy is also being welcomed by the banking fraternity. The Indian Government recently extended the policy to the hilly State; the latter too has uncovered a package of incentives for investors. SBI is of the view that the package will help promote industrial activity. In this connection, bankers point out that the State has already attracted a number of private sector players. These include companies that produce mattresses and herbal products. Besides SBI, several other banks have lately shown greater interest in the State and are even considering expansion, it is pointed out. With the local economy turning around, the prospects of providing retail credit to citizens are particularly brightening. Incidentally, SBI's own operations in Sikkim are spread over 26 branches, 23 of which are in rural areas. The bank runs three ATMs in the State. Sikkim, already billed as an attractive destination for tourists, hopes to do better on the tourism/hospitality front. Its achievement here is reflected in the inflow of more revenues for the State. This, in turn, is evident from the increase in the disbursement of personal loans by banks, sources maintained.
More Stories on : Farm credit | Public Sector Banks | SSI | Other States
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|