DIMAPUR, NOVEMBER 28 (MExN): The Nagaland Pradesh Congress Committee (NPCC) while appreciating the adoption of the SARFAESI Act by the Nagaland Legislative Assembly (NLA), stated that “there is an uphill task to ensure the implementation of the Act smoothly with growth of economy as the objective.” “This is an important Act as it deals with your property and the lenders. Understanding the Act from both the lender’s and borrower’s point of view is important,” said a press release from the NPCC President, K Therie.
The NPCC meanwhile said that the Law Department “should be censored for wrongly advising the State Assembly that the Act would infringe on Article 371(A).” “This delayed the Bill from being passed. The advice note is responsible for the loss of growth of economy for nearly two decades. The economy has suffered on account of denial of loans for development thereby stagnating growth and revenue generation. Industrial growth has come to a standstill. It has also blocked creation of employment opportunities. Misleading the Assembly is a serious offence. The Government should fix responsibilities not to repeat in future,” it said. The Congress further noted that there is a serious trust deficit between lenders and the beneficiaries especially to Nagaland’s citizens. “The main problem was PMRY loanees’ failure in repayments. The fault lies with the Industry Department for choosing borrowers without considering their skill and commitment and relying on photo copies of project reports without understanding the Strengths, Weaknesses, Opportunities and Threats (SWOT). State officials should apply their wisdom and ensure works are executed on the ground,” it added.
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