With an aim to showcase the core potentials for building a robust and vibrant micro, small and medium enterprise (MSME) sector in the North-east, Assam Governor Prof Jagdish Mukhi on Thursday inaugurated the North East MSME Conclave at NEDFi House in Guwahati. This was stated in a Raj Bhawan press release.
Lauding the Confederation of Indian Industries (CII) for organizing the meet, Governor Prof Mukhi said the MSME sector is a critical component of the country’s growth story, making significant contributions to GDP, employment and exports. The total contribution of MSMEs to the GDP is around 38 per cent. With around 95 per cent of all industrial units forming a part of this sector, form a cornerstone for economic prosperity, the Governor said.
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Prof Mukhi also said the MSME sector has been able to maintain an annual growth rate of over 10 per cent for almost the entire decade and has grown faster than overall industry in the country, which makes a compelling case for concerted policy interventions to build an enabling ecosystem for the vast multitude of MSMEs to move up the value chain.
The Governor also said, “India can develop only when we develop the North-east and it is also on the top most agenda of the Central Government to develop the region.” Guwahati which is acknowledged as the Gateway to South East Asian Countries and a nerve centre for the success of the Government’s ‘Act East Policy’, the Central Government has placed a special emphasis on the development of MSMEs in Assam to bring in economic prosperity to the region and propel their contribution to the nation’s GDP.
He also said that with the announcement and immediate implementation of Start Up India and Stand Up India programmes, Government of India has shown its focus on the development of the MSME sector in the country.
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Prof Mukhi further added with the vast stretches of fertile land, rich expanse of forests and substantial mineral and hydrocarbon deposits, India’s north-eastern region is potentially one of the richest geographical areas of the country and to reap dividends of the richness of Assam, the State Government has come up with new policy on tax incentives for setting up industries and tourism units, IT policy, biotech policy, start up policy, sugar policy, solar energy policy. The potential of the MSME sector not only provides employment opportunities at a lower capital cost but also assist in the industrialization of rural and backward areas.
Prof Mukhi also said the region shares borders with China, Bangladesh, Bhutan and Myanmar. Given its strategic location, the region can be developed as a base for India’s growing economic links not only with the ASEAN but also with neighbouring countries, namely Bangladesh, Bhutan, and Nepal, the release added.