28th Feb 2020 10:02:PM Editorials
Eastern Sentinel Arunachal News

Union FM while addressing the trader and industry representatives in Guwahati on Thursday had assured that far flung areas in Northeast will be given greater access to credit and there will be adequate number of ATMs and branches.
 In the context of an aspiring Northeast trying to catch up fast with the mainland in terms of economic fortune, it is an urgent requirement without doubt. For Arunachal, the problems are concomitant to the region’s overall scenario and perhaps more intense, keeping in mind the state’s geographical spread out, rough terrain and asymmetric population distribution. This has no doubt acted as a source of discouragement for banks and financial institutions to make footfalls in state for a solid period of time, resulting in limited or rather unhealthy financial outreach among common people.This in turn has turned out to be a dampener for the state’s desired economic objectives, with the entrepreneur class getting affected most. And to get the state and the region out from this vicious circle, a renewed approach will be necessary and banks must take it as a social obligation and think seriously to cater to these genuine needs.  
It’s a common observation that for ushering in socio-economic development in a given region which when viewed critically in the lens of of economics is also an economic entity as a whole, financial inclusion is a factor that always plays a pivotal role. For effecting real inclusive growth, it has emerged as the most preferred tool and over and over again its indispensability has been reiterated in all policy circles dealing with the critical matters concerning development. In national context, the picture has undergone a sea change, with perceptible changes starting during late sixties when bank nationalisation took place and picked up momentum post-liberalisation in 1990s. But, without digging zone-wise data of banking penetration, which is obviously the first pre-condition of effectively spreading the arm of financial outreach, it will invite little debate if it is said that compared to rest of India, it has been far less in Northeast. 
Limiting the argument to Arunachal, it’s a fact that despite having enviable resources that can well be churned into viable economic engagements and genuine intention of the people to pursue self-employment routes through entrepreneurship, discouragement arising out of limited access to basic banking services is also a troubling reality. For far flung areas, this desperation is deep with farming community the worst sufferers.
There are multiple dreams right at the moment- agri-horti, trade prospects with Myanmar, tourism, doubling of farmers’ income and an endless number of schemes and programmes. They can all receive a booster dose if the aspect of banking outreach is given a simultaneous focus. Egalitarian aspects of the Act East Policy can only be realised then if an extra heed is paid in this regard. 


Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

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