Aizawl, Oct 13: Union minister Jyotiraditya Scindia on Tuesday urged banks and financial institutions to increase lending in the Northeast and develop loan products suited to each state, saying a one-size-fits-all approach would not work for the region.
Addressing the third Northeast Bankers’ Conclave at Mizoram University, organised by the Ministry of Development of North Eastern Region (DoNER) in collaboration with the North Eastern Development Finance Corporation (NEDFi), Scindia said the annual exercise should serve as a “scorecard” of progress rather than a ritual.
“An important message that came out of the Agartala conclave was that a single type of stereotyped package will not work for the Northeastern region,” he said, adding that the previous conclave had focused on infrastructure while the current deliberations centred on making credit accessible to those who need it.
Scindia said the Rising Northeast Summit generated investment commitments of nearly Rs 4.3 lakh crore, of which around Rs 40,000 crore had been grounded after follow-up by his ministry.
“This investment appetite is what needs a response from the banking community,” he said, calling for closer coordination to turn commitments into projects.
He said chief minister-led task forces constituted after the North Eastern Council’s plenary had prepared development roadmaps.
Mizoram Chief Minister Lalduhoma, who headed the task force on the North Eastern Economic Corridor, had proposed an integrated multimodal mobility corridor, an aviation hub and a Northeast tourism circuit.
Scindia said such projects required adequate capital and state-specific credit plans.
Addressing the conclave, Lalduhoma urged banks to lend more proactively and raise Mizoram’s credit-deposit ratio from 55.83% in 2025-26 to at least 67% by 2028-29.
He said seven banks in the state had a ratio below 40% as of June 2026, and called for district-wise, time-bound lending targets beyond Aizawl.
Lalduhoma also flagged low credit-plan performance in agriculture and other private-sector activities, and a decline in the MSME sector.
He urged lenders to back opportunities in tourism, healthcare, education, agro-processing, bamboo, handloom and logistics.
“The potential is here. The entrepreneur is pretty serious here. Our task is to bridge the gap between that potential and the financial resources needed to realise it,” he said.
A day earlier, Scindia interacted with Mizoram University students and participants of the Ashtalakshmi Darshan Phase-II programme, urging them to look beyond conventional career choices and become problem-solvers and innovators.
He also asked them to preserve Mizo cultural values, particularly “Tlawmngaihna”, which represents selflessness, courage, hospitality, service and responsibility towards the community.
Scindia on Monday also unveiled development projects worth around Rs 350 crore in Mizoram, inaugurating the Aizawl Institute of Arts and Music for the North Eastern Region at Tuivamit and virtually laying foundation stones for nine other projects.
PTI