By Our Reporter
SHILLONG, Dec 13: The state government on Friday cleared doubts that the recent amendment to the Meghalaya State Investment Promotion and Facilitation (MSIPF) Act of 2024 doubles the land lease for investors from 30 years to 60 years.
Reacting to apprehensions expressed by the Khasi Students Union and the Voice of the People Party, the government said the amended Act only allows the Invest Meghalaya Authority to establish land banks specifically for industrial development.
A statement from the Joint Secretary of the Planning Investment Promotion and Sustainable Development Department said the MSIPF Act has been enacted to improve the “ease of doing business” in Meghalaya to promote growth and create employment opportunities for the local youth.
The government said the Invest Meghalaya Authority has been created as a single nodal authority for investment promotion and facilitation by following the practices of the other northeastern states, as recommended by the Ministry of Development of North-Eastern Region (MDoNER).
It added that the initiative is by the mandate of the MSIPF Act, which was approved by the state Assembly in March 2024.
“The recent amendment of the MSIPF Act, 2024, only allows the Invest Meghalaya Authority to establish land banks specifically for industrial development. The creation of land banks is an ongoing development activity undertaken by several organizations in the state such as the Meghalaya Industrial Development Corporation, Meghalaya Transport Development Corporation, and New Shillong Township Development Agency,” the statement said.
Making it clear that the question of direct purchase of land by any investor does not arise, the government said that even for the development of industries, land will be provided according to the provisions of the Meghalaya Transfer of Land (Regulation) Act, 1971.
The government also said that the Meghalaya Industrial and Investment Promotion Policy (MIIPP), 2024, has special provisions to provide employment opportunities in newly created industries.
“Clause 3.1.11 of the MIIPP Policy, 2024, requires the industrial unit to employ 90% of local people in non-managerial and 50% of local people in managerial positions,” the statement said.