Strong pvt sector can place M’laya among top ten performing states

SHILLONG, June 10: The existence of a strong, vibrant and thriving private sector is what can help Meghalaya become one of the top ten performing states in India by 2032.
This was said by Commissioner and Secretary of Finance department, Dr Vijay Kumar D, during a roundtable session at Pine Wood Banquet Hall here on Friday.
The session on ‘Increasing the Credit Flow in Meghalaya’ was organised by the state government in collaboration with Invest India, National Investment Promotion and Facilitation Agency in a bid to create synergies for seamless credit flow for business and economic growth in Meghalaya.
In his address, Kumar said the vision of the government is to make Meghalaya one of the top ten performing states in the country by 2032. He argued that the vision can turn into a reality only through the existence of a strong, vibrant and thriving private sector in Meghalaya that will enable growth and generate employment.
Stating that the ‘blood flow’ of the private sector is credit, he stressed on the crucial role that banking sector and other financial services can play to create an enabling environment for the growth of the private sector.
Reiterating the need to reduce dependability on government schemes, Kumar said that people should not shy away from taking credit for the enhancement of their businesses and stressed on the need to leverage on the banking system. He, in turn, also urged the banking and financial services players to ease banking services.
Delivering the concluding remarks Commissioner, State Investment Promotion, Dr BDR Tiwari, highlighted the importance of digital technologies made available in a vernacular-based format in an attempt to increase financial literacy and awareness in the state, and emphasized on the vision to make Meghalaya ‘one of the top 10 states’ by the next decade.
Delivering the welcome address, vice president, Invest India, Varun Sood, shed light on the various state government initiatives that have been undertaken to support the entrepreneurs in the state.
The technical session witnessed participation from select banking and financial services players like HDFC, Meghalaya Rural Bank, Meghalaya Cooperative Apex Bank, SBI, North East Small Finance Bank, entrepreneurs from Meghalaya such as Urlong Tea, DD Spice Products, Country Spices, etc, cooperative societies such as Mendipathar Multipurpose Cooperative Society Ltd, Meghalaya Rural Tourism Cooperative Federation Ltd. and relevant government stakeholders, and regulators like RBI, NABARD etc.