Mizoram's 'Bana Kaih' Initiative: A Leap Towards Economic Growth

The Mizoram government has signed agreements with several banks to support its 'Bana Kaih' scheme, providing loans to entrepreneurs and farmers. This initiative aims to boost economic growth and self-sufficiency through innovative programs, offering up to Rs 50 lakh loans with potential 100% interest subvention for timely repayment.

The Mizoram government has forged significant partnerships with State Bank of India, Mizoram Rural Bank, and Mizoram Cooperative Apex Bank Ltd. to mobilize financial resources for its 'Bana Kaih' initiative. This scheme, spearheaded by Chief Minister Lalduhoma, endeavors to bolster economic activities by empowering local entrepreneurs and farmers with accessible credit facilities.

Launched on September 19, the 'Bana Kaih' program seeks to address the gap in institutional credit availability, tailoring solutions to support both the agricultural sector and small-scale industries. By integrating with various central government schemes, the initiative aims to provide holistic support, ensuring loans up to Rs 50 lakh with the promise of interest subvention to those repaying timely.

The government has committed Rs 200 crore for the scheme's rollout in the fiscal year 2024-25. Additionally, the 'Chief Minister's Bana Kaih Innovation Challenge' was inaugurated, promoting inventive competition across state institutions and local bodies, further driving the state's progress.

(With inputs from agencies.)