Meghalaya chief minister Conrad Sangma inaugurated ‘CM-elevate programme’ which aims to strengthen entrepreneurship and thereby bolster economic development in the state.
Speaking at the launch-event in Shillong, CM Sangma said that the programme is aimed at engaging, employing, and empowering the youth of Meghalaya through entrepreneurship.
“We aim to create entrepreneurship opportunities for over 20,000 individuals across various sectors over the next three years. This initiative comes with a substantial investment of approximately Rs 300 crore,” he said.
Speaking about the partnerships that the government has established with both public and private sector banks to facilitate easy access to credit for the aspiring entrepreneurs, the chief minister stated that financial support ranging from 35 to 75 per cent of the project cost to mitigate credit risks can be offered.
“To minimize risks and barriers, we extend upfront financial aid to entrepreneurs and have collaborated with banks for financing. The programme offers term loans covering up to 95% of the project cost, with varying loan terms (ranging from 5 to 15 years) and moratorium periods (between 3 to 18 months), coupled with variable interest rates across different schemes. We have created three lakh jobs in the private sector in the last five years, and I am sure the number will increase in the coming years,” he said.
Tourism minister Bah Paul Lyngdoh said: “The CM-elevate programme underscores our government’s unwavering commitment to the betterment of our youth and the future of Meghalaya. We anticipate around 700 direct employment opportunities and numerous indirect job opportunities, benefiting the youth of Meghalaya. We expect more than 2000 direct and indirect job opportunities through these three schemes of the tourism department.”
Minister for agriculture and farmers’ welfare, Mazel Ampareen Lyngdoh, highlighted the programme’s importance in the context of agriculture and said: “The CM–elevate programme represents another significant step in strengthening agri-infrastructure in the state. By offering 50% financial aid for the establishment of polyhouses, the programme promotes the cultivation of high-value vegetables and floriculture crops. In its initial phase, the programme aims to subsidize the setup of 1,000 polyhouses, fostering agricultural development in Meghalaya.”
