Meghalaya woos investors through Mumbai door

MUMBAI: In an attempt to lift its economy, the government of Meghalaya is all set to woo investors showcasing its future potential in different sectors within the state.

The state which was born in 1972 out of Guwahati, has an annual budget of Rs. 3,000 crore. The government envisages a plan by which it seeks an investment of Rs.6,000 crore in the next 2 years through public private partnership (PPP) model.

Mentioning that ���Indo-Bangladesh partition has taken a heavy toll in the local economy of the state which has a 440 KM border with Bangladesh, Ranjan Chatterjee, Chief Secretary, the government of Meghalaya, said ���Meghalaya is currently growing at 5.6 per cent per annum. We need to have a lot of accelerated business movements to reach a target of 9.9 per cent.

According to Chatterjee, the state is mostly a peaceful place without political turbulence. ���there is no such insurgency. Truce is going on. They (insurgents) are our own people and will definitely help us growing the state,��� he added.

Initially, the state government wishes to bring investment in the sectors like Infrastructure, power, tourism (including medical & cultural tourism and golf tourism), IT, ITes, Agro, horticulture, floriculture and education. The authorities are already in talks with big companies to strike deals in PPP model. Mahindra Resort is one of them.

The government also puts emphasis on setting up knowledge parks, hydal and thermal power plants and biotechnology firms.

Said Ajay Bhalla, Commissioner & Secretary, government of Meghalaya, ���we have an estimated potential of 3,000 mega watt power generation as against the current 170 mega watt. We have envisaged 800 new projects.���

Under North East industrial policy, the state enjoys 10-year tax holidays. The minerals rich state will help facilitate land allocations with much haste. The state allows 30 per cent capital investment subsidy of the total capital cost. Interest subsidy is 4 per cent on term loan.

However, the biggest hurdle of the state seems to be the connectivity. Extension works are going on to upgrade Shillong air port, road ways between Guwahati and Shillong.

The higher officials of the Meghalaya government who are in the city for two days, are holding a seminar on Thursday to meet 80 plus industrialist across the board. On the same day, Meghalaya House will be inaugurated at Vashi in Navi Mumbai. Going forward, Meghalaya government will sign a JV with the government of Maharashtra to use latter���s expertise in technological advancements.