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Nagas still harbour tribal thinking towards money

Nagaland News

Our Correspondent
KOHIMA, JUNE 10: Nagas still clung to the tribal thinking when it comes to money. It is time we start thinking and talking about investments and capital markets, stated former Chief Secretary of Nagaland, & CEO of Investment Development Authority of Nagaland (IDAN), Alemtemshi Jamir.
He was speaking at the nation-wide conference organised by the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, as part of the Azadi Ka Amrit Mahotsav Iconic event celebration. Kohima, along with the 74 cities of India participated in the conference via webcast at the Capital Convention Centre (CCC), Secretariat on June 10.
Jamir also reminded the gathering that it was only 150 years ago that Nagas were introduced to the monetized world.
The concept and ideas of saving started only of late; it was only in the last 10-15 years when it had slowly started.
Unfortunately, this trend is also prevalent throughout the country. While much has been done to improve the financial literacy and financial inclusion of the country, things are still taking time to materialise, stated Jamir.
Even though India is a rich country, we are in the poverty zone, Jamir said.
IDAN has been working to find out why investments have not been coming to Nagaland.
Perhaps, it is because of the Constitutional provision of Article 371 (A) where transfer of land is concerned. There is also the issue of skilled labour, law and order problem, he said.
Jamir also pointed out that there is hardly anyone in Nagaland who is investing in someone else’s business. But this is the basis on how an investment business functions, he said.
“If this has to change then we have to change the way we function”, he said.
Jamir also expressed optimism that the event will lead to a breakthrough in the mentality and the attitude of Naga people toward money.
The evening was also marked with addresses by four speakers.
The first was Chartered Accountant, Rohan Abraham. He spoke on ‘Retail Investor Wealth Creation’.
He said the misconception that only people with lots of money have a sway on the market. On the contrary, it’s the entry-level investors like you and I, whose decision have an impact on the market.
Disclosing the findings of agency in its survey across India on the categories of people that invest, he said the kind of education and the kind of job one is involved in is driving the pattern of investment.
Government employees are the highest investors in the stock market. Nagaland with its share of Government employees is worth giving it a thought, he said.
He concluded with an advice that it’s only wise to learn about investing before investing to think smart before investing.
Manager, National Stock Exchange (NSE), Sourav Roy also delivered a gist on Creating Wealth through Stock market.
Souvik Mazumdar, Associate Vice-President, UTI AMC Pvt. Ltd, talked about the ‘Great Indian Story – Savings, Investment & Wealth Creation’.
Associate Partner at Sapient Wealth Advisors & Brokers Private Ltd, Kvulo Lhorin discussed about ‘Financial literacy & Women as a rising independent investors’.
He said that the biggest challenge when it concerns Nagaland is that most clients from Nagaland have business in the wrong product.
It is important to know the kind of product and investment before committing, he said.
He also shared that one of his biggest apprehensions is that lot of people are jumping into cryptos and all without actually understanding how it works.
The problem with this approach is that, after they lose some money and get burnt, they think that all financial solution are bad.
There are still a lot of financial literacy programmes that needs to be held, he said.
Queried about his thoughts on the effectiveness of the educational institutions of Nagaland in imparting financial literacy, Lhorin replied that one positive thing is that NBSE has been trying to include finance subjects in their syllabus.
Also, the Nagaland University under Commerce papers is also trying to update their syllabus.
But the worrying thing is that it is not there for BA Arts Students, and majority of our youth are Art students and things like that. Therefore, we need to hold more financial literacy programme so that even people with no commerce background are sensitized, Lhorin further stated.