The Meghalaya state cabinet on March 12 approved the Meghalaya Industrial and Investment Policy, aiming to streamline the investment process and attract maximum private sector investment to the state, announced chief minister Conrad Sangma.
Sangma highlighted that the policy, aligned with the central government’s approach, aims to propel the state’s economy to USD 10 billion. Speaking to reporters, a post-cabinet meeting, he emphasized the policy’s alignment with the recent Northeast policy introduced by the Government of India.
The CM outlined that sectors such as tourism, food processing, education, and information technology would be central to the investment policy. He stressed the preference for local entrepreneurs and suppliers, along with transportation subsidies for products sourced within the state. Green incentives, targeting individuals involved in water harvesting and solar power structures, were also highlighted.
Furthermore, Conrad Sangma underscored substantial employee-related incentives, including partial EPF refunds for local residents and incentives for establishing industrial parks within the state.
In addition to the Industrial Investment Policy, the cabinet passed agendas concerning the Meghalaya IT/ITeS Promotion Policy 2024 and the establishment of Meghalaya Technology Parks. The IT/ITeS Promotion Policy aims to attract investors, fostering employment opportunities within the state.
The creation of the Technology Parks Society is set to facilitate the professional planning, development, and management of technology parks in Meghalaya, further promoting the state as a preferred destination for ICT and electronics units. Sangma revealed that the tender for establishing the Tura IT Park has been issued, indicating progress in this regard.
