Meghalaya CM says state likely to attract Rs 8,000 crore private investment boost

Meghalaya CM says state likely to attract Rs 8,000 crore private investment boost

Meghalaya Chief Minister Conrad K Sangma announced a significant private investment of Rs 8,000 crore, aimed at achieving a $10 billion economy. This investment is attributed to a new industrial policy that simplifies business processes.


Meghalaya Chief Minister Conrad K Sangma, on May 25 said that the state is projected to attract substantial private investment of Rs 8000 crore, attributing that the high investment will contribute in realising the ambitious target of 10 billion US dollar economy.

Addressing a workshop on “Human Development Leadership Programme” at Tura, the Meghalaya CM said, “The investment in Meghalaya is an outcome of the new industrial policy that has created an ecosystem for ease of doing business.”

The programme was attended by DCs, BDOs and other district and block level officers from the five districts of Garo Hills district.

Talking about policies that previously discouraged investors, he said, “The system was tedious and time consuming. Our new industrial policy has provided a framework to give clearance to different statutory requirement within a specified time frame, which is facilitating investors”.

He informed that close to Rs 4000 crore investment has come through in the last one year, which includes a Rs 2500 crore thermal power plant to generate 450-megawatt electricity, ethanol plant, beverages and five-star hotel chain. 

On boosting IT connectivity in the state, he informed that government is engaging with Malaysian and Bangladesh telecom to lay submarine cable lines. “The optical fibre connection will further boost the IT enabled service sector”, he said.

The chief minister also informed on the new five-star hotel projects that are coming up in Shillong, Sohra and Umiam, and a three-star hotel in Tura, all through private investment. He said that the hotel will promote business environment and will provide job opportunities to the youth.

“Hotels, air connectivity, and high-speed internet will encourage more IT companies to setup their enterprises in the state. The Shillong IT Park has provided jobs to more than 3000 youth directly and indirectly and many more companies have expressed their keen desire to setup BPOs in the state,” he said, while also informing on the second phase of the Shillong IT Park, which is creating space for 3000-seater, which is already confirmed by IT companies from US and European nations.

“Companies are now shifting their focus from cities like Bengaluru and Hyderabad to our state, as they know that we have the human resource and the capacity. Our people have good command over languages, and work ethics, which is an added advantage,” the chief minister added.

He further said that government is working with an approach to ensure economic growth with high investment in infrastructure projects. “In the last five years, the government has chart out the road map, we are making investment in different social sector with particular focus on education, health, power and rural development,” he said.

Talking on the prioritising intervention, he mentioned on the concerns related to maternal mortality rate (223), which was high compared to the national average (113) in 2018. “Our approach to address the issue has ensured the overall well-being of mothers and children, which has also led to decline in MMR,” he added.

He also urged the officials to work with a purpose and clear vision to better the lives of the people, while discharging their duties.

Edited By: Avantika
Published On: May 25, 2024