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The resource-rich North-East can be the gateway to South-East Asia only if private sector investment in the region is augmented.
Calling upon private firms to take advantage of Central schemes, Paban Singh Ghatowar, Minister of State (Independent) for the Development of the North Eastern Region said, “Special fiscal packages have failed to trigger any major investment flow in the North-Eastern region.”
Addressing the eighth North-East Business Summit co-hosted by the Ministry and the Indian Chamber of Commerce (ICC) here on Wednesday, Ghatowar said according to an assessment of investment intentions by private and public sector enterprises during the 11th Plan period, 336 units expressed intentions to invest about Rs 38,892 crore in the region. But, according to the 12th Plan, the share of investment (based on letter of intent) in the North-East was only 0.58 per cent of the total intended investment at the national level.
He said Central packages only led to some investments in industrial units in and around Guwahati in tea, coal, plastics, cement, cosmetics, metallurgy, and so on, but could not attract investors to other parts of the region.
Calling upon private business to look at the infrastructure sector such as highways, roads and power, the Minister admitted that law and order across the region was crucial, and said area-specific problems needed to be addressed through negotiations and peace talks.
According to a report by PriceWaterhouseCoopers India brought out on the occasion, the roadmap for the economic resurgence of the North-East should include social and economic empowerment along with focus on public-private partnerships.
“Conventional market-based solutions may not work here,” says the report, calling for greater reforms in areas such as agriculture, hydel power, infrastructure as well as food processing and cross-border trade.
The ICC also gave away awards to Assam Gas Company, the National Horticulture Board, SafeExpress, small tea growers, activists and sportpersons for their contribution to the development of the region.
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