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Meghalaya Chief Minister Conrad K Sangma announced on Saturday that the state is poised to attract private investments worth Rs 8,000 crore in the current fiscal year.

 

This surge is attributed to a new industrial policy designed to transform Meghalaya into a USD 10 billion economy.

 

Speaking at the 'Human Development Leadership Programme' workshop in Tura, Sangma highlighted the state's progress under the revamped industrial policy.

 

“The new policy has fostered an ecosystem conducive to business,” he said, noting that previous policies were cumbersome and deterred investors. “Now, the framework expedites clearances for various statutory requirements, which is appealing to investors.”

 

In the past year alone, Meghalaya has secured nearly Rs 4,000 crore in investments. Notable projects include a Rs 2,500-crore thermal power plant set to generate 450 megawatts of electricity, an ethanol plant, a beverage manufacturing unit, and a five-star hotel chain.

 

On IT connectivity, Sangma revealed plans to collaborate with Malaysian and Bangladeshi telecom companies to lay submarine cable lines. “Enhanced optical fibre connectivity will significantly boost the IT-enabled service sector,” he said.

 

Sangma also unveiled new five-star hotel projects in Shillong, Sohra, and Umiam, and a three-star hotel in Tura, all funded through private investments. These projects aim to create a business-friendly environment and generate employment opportunities for the youth.

 

“Improved hotels, air connectivity, and high-speed internet will attract more IT companies to the state,” Sangma noted. “The Shillong IT Park has already provided jobs to over 3,000 youths directly and indirectly, and numerous companies are keen to establish BPOs in Meghalaya.”

 

Highlighting the shift in focus from traditional IT hubs, Sangma stated, “Companies are now looking beyond Bengaluru and Hyderabad, recognizing our human resources and capacity. Our people’s proficiency in languages and strong work ethics are significant advantages.”