Sikkim CM highlights key challenges in state's development at Credit Outreach Programme

Sikkim Chief Minister Prem Singh Tamang on January 6 extended a warm welcome to Union Finance Minister Nirmala Sitharaman at at the Credit Outreach Programme in Gangtok. Chief Minister Tamang acknowledged the fundamental role played by the Union Finance Minister and presented a strategy focused on the service sector.

Addressing the gathering, Chief Minister Tamang highlighted concerns crucial to the progress and development of Sikkim. He stated the need for staffing improvements in key offices such as the MSME Development and Facilities Facilitation Office, Khadi and Village Industries Commission and SIDBI. Additionally, he urged the establishment of a Directorate General of Foreign Trade Office to enhance the state's participation in international trade affairs.

Chief Minister Tamang expressed his concern about the delay in establishing a carpet-making cluster at Soreng district calling for attention and support in this matter.

Expressing gratitude for the Finance Minister's presence, Chief Minister Tamang looked forward to her guidance and leadership. He stressed the importance of addressing mandatory documentation requirements such as opening accounts and tax identification to simplify processes for the citizens of Sikkim.

In a comprehensive overview of Sikkim's financial landscape, Chief Minister Tamang highlighted the state's reliance on funds from the Government of India and credit from financial entities especially commercial banks for economic development. He commended the remarkable growth in the credit to GDP ratio with Sikkim now ranking among the top three in the northeastern states.

Chief Minister Tamang praised the instrumental role of banks, including the State Bank of India and several commercial banks in delivering credit and contributing to the state's growth. He also acknowledged NABARD's significant contribution to financial development.

On financial inclusion, Chief Minister Tamang announced Sikkim's achievement of full banking coverage across all blocks with a focus on digital enablement. He shared the state's outstanding progress in various national financial inclusion schemes surpassing national averages.

Chief Minister Tamang highlighted the success of state welfare schemes including the Mukhyamantri Krishi Atma Nirbhar Yojana, Mukhya Mantri Matsya Utpadan Yojana, Mukhya Mantri Pashudhan Samriddhi Yojana, Pig Production Incentive Scheme, Skilled Youth Startup Scheme and the Mega Home State project.