SHILLONG, Oct 8: Amid difficulties in acquiring land for road projects, the Meghalaya government has promised the establishment of a land bank to attract investments through the Meghalaya Industrial and Investment Promotion Policy, 2024.
The policy says that the state government will endeavour to create new land banks and allot land to industrial units.
It also proposes to support the community-based ownership model for land banks.
“Detailed procedures for the same will be notified by the state government from time to time. Additionally, a repository of land parcels suitable for various industrial activities shall be created,” the policy says.
The government has promised to enhance the level of ease of doing business in the state, claiming that it has been engaging in a series of regulatory and institutional reforms to facilitate and speed up the delivery of various public services efficiently.
The policy says that the state government has notified the ‘Meghalaya State Investment Promotion & Facilitation Act, 2024’ to enhance the level of ease of doing business by providing an accelerated and time-bound procedure for grant of various licenses, permissions, and issuance of clearances required from various competent government authorities.
Pointing out that the upcoming BBIN2 Corridor will turn Meghalaya into a strategic connecting node for Bangladesh, Bhutan, and Nepal, the policy claims that the state’s proximity to the Bay of Bengal further accentuates its potential to be an important trade hub for the Northeastern region.
“The government of Meghalaya has set a realistic but bold objective to expand its economy to $10 billion by 2028, aiming to rank among the top ten Indian states by economic size. To attain this target, the strategy involves boosting private investments, with a focus on enhancing trade, tourism, high-value agriculture, and fostering a knowledge-based economy,” the policy adds.
The policy also says that Meghalaya will contribute to the vision of a ‘Viksit Bharat’, set with the GSDP of Rs 42,697 crore of USD 5.3 billion during 2022-23 as the benchmark, by increasing its GDP to USD 10 billion by 2028.
“The GSDP for 2024-25 is projected at Rs 52,973 crore or USD 6.6 billion. The annual growth rate for the 2023-25 period has been a reassuring 11.4%,” the policy reads.
