Meghalaya targets private investments to achieve growth

Mumbai: The Meghalaya Government is targeting an investment of over Rs 3,000 crore in the next three years to achieve annual growth rate of at least 7.5 per cent.

The State had average growth rate of 5.6 per cent during the first Five-Year Plan.

The State is now seeking investments in sector such as tourism, health, tissue culture, information technology, food processing, power and education.

The State needs an additional 700 hotel rooms to meet the current demand, according to Mr Ranjan Chatterjee, Chief Secretary, Meghalaya. The State, which is home to a large number of rare medicinal plants, wants to develop ayurveda in a big way.

The State Government is offering various sops to attract investors, which includes 10-year tax holiday, investment subsidy and exemption of stamp duty.

Talking to presspersons at a CII function here Mr Chatterjee, said that the State has the potential to produce 3,000 MW of hydropower, but is currently tapping only 170 MW. Talks are on with private players to develop about 1800 MW of hydropower projects. The State also has coal reserves, which are suitable for converting into liquids fuels. Coal India has already undertaken a pilot study, he said.

The Secretary is currently in Mumbai along with other Government officials seeking private investments.

On the tourism potential, he said since the State gets abundant rainfalls, the Government wants to develop it as a monsoon destination. It is also keen to develop golf and cave tourism, he said.

“Indian companies, which hold their meeting in Kuala Lumpur, we are inviting them closer to home in Shillong,” Mr Chatterjee said.

He said that State is richly endowed with natural resources and has a huge potential for investments in infrastructure, horticulture, agriculture and mineral-based industries. Given the large number of scenic destinations, the State has potential to develop as a destination for film shooting.

The existing airports at Shillong and Tura are also being modernised to attract more tourists, Mr Chatterjee said.

Mr A.K. Bhalla, Commissioner and Secretary (Industries), Meghalaya Government, said that during the Tenth Plan, Meghalaya had achieved a growth rate of 5.6 per cent and in the Eleventh Plan, it was targeting a growth rate of 7.3 per cent, which was lower than the national growth rates. “We must grow at 9.86 per cent to be on par with the national growth level,” he said.

He mentioned that though there were constraints such as inadequate infrastructure, hilly road terrain among others, Meghalaya aspires to be at par with other States.