Kohima, July 3: In a bid to attract more investment in corporate social responsibility (CSR), the government of Nagaland, through its Investment and Development Authority, is gearing up to hold the first-ever Nagaland Conclave on CSR, Investment and Banking July 4-6 in Kohima. .

Union Finance Minister Nirmala Sitharaman along with many bankers and investors from across the country will participate in the three-day program, Director General of Investment and Development Authority of Nagaland (IDAN) has informed. , Alemtemshi Jamir, at a press conference here on Saturday.

Jamir said that although CSR has been a central government enactment since 2013, all companies with a net worth of Rs 500 crore or more and a turnover of Rs 1,000 crore or more should keep 2% of their profits for CSR activities.

Nagaland did not get its share of CSR, Jamir said, adding that out of Rs 27,000 crore CSR, the state only gets 0.006% which is a very small amount of CSR and c This is why the conclave was mooted to attract more CSR investment into the state.

The conclave is mainly aimed at showing the need for CSR investments in Nagaland, as well as for NGOs and local entrepreneurs in the state to participate and attract investors, he said.

The Union finance minister will grace the inaugural session of the conclave on Monday night, he said.

Previously, the meeting of investors was held in major metropolitan cities or abroad, which did not benefit Nagaland much, he said.

Even before the start of the conclave, there is an assurance of around Rs 40 crore CSR for Nagaland as we hope to cross Rs 100 crore during the conclave depending on NGOs pushing companies to invest in their projects, he said. -he declares.

About 20 NGOs from Nagaland with CSR registration and also fulfilling the CSR investment criteria will participate in the conclave, he informed.

About 50 to 60 CEOs and managing directors representing major companies from the Confederation of Indian Industry (CII) would also join the conclave, he said.

When asked if the state government had any specific plans for companies to invest in Nagaland, Jamir said proposals were there for the establishment of an eye hospital by Netralaya, pathology labs across the state, a private paramedical institute, the textile industry and others, including investments in the tourism sector. and rural credit information centre.