Meghalaya attracted investment projects worth Rs 56 crore in FY21: study
Meghalaya attracted new investment projects valued at Rs 56.36 crore in the financial year 2020-21 while completed projects in the state during the period were worth Rs 10.58 crore, according to a study.
The state, which is logistically central for trade with countries like Bangladesh, Bhutan and Myanmar, attracts investment in food processing, horticulture, tourism and mining industries, he said. .
The study conducted by the MSME Export Promotion Council and technology company BillMart FinTech was published here on Friday. It was also presented to the state government.
In 2020-2021, the state attracted new investment projects worth Rs 5636.5 million (Rs 56.36 crore) and projects completed during the period were worth Rs 1058.0 million (Rs 10.58 crore), according to the study.
The MSME EPC and BillMart have offered to provide assistance to at least 50 potential entrepreneurs to start their own businesses within a year.
BillMart has already launched MSME GAIN (Growth and Intelligence Network) and will train companies on the application of technology for business growth and up-to-date knowledge on various laws.
Addressing the report launch, MSME EPC Chairman AL Hek said that the food processing industry currently accounts for only 10 percent of the state’s total agricultural output, which needs to be developed.
Food processing has huge untapped potential in Meghalaya as it produces substantial quantities of oranges, peaches, pineapples, pears, guavas, plums and bananas, he said.
Hek said a special North East Economic Development Division has been established within the MSME EPC Secretariat and will focus mainly on attracting new private sector investment.
Observing that a large number of projects are either on hold or under implementation, the study recommended the formation of a high-level committee under the Chief Minister to expedite completion and avoid cost escalation.
He revealed that Meghalaya has achieved significant success in growing non-traditional crops like tea, cashew, oilseeds, tomato, mushrooms, wheat and turmeric in 2019-20.