Meghalaya attracted new investment projects valued at Rs 56.36 crore in the 2020-21 financial year while the projects completed in the state during the period were worth Rs 10.58 crore, according to a study.
The State, which is logistically central for trade with countries such as Bangladesh, Bhutan and Myanmar, is attracting investment in food processing, horticulture, tourism and mineral-based industries, the report said.
The study conducted by the MSME Export Promotion Council and technology firm BillMart FinTech was released here on May 20. It was also presented to the State government.
In 2020-21, Meghalaya attracted new investment projects worth Rs 5636.5 million (Rs 56.36 crore) and the projects completed during the period were worth Rs 1058.0 million (Rs 10.58 crore), the study stated.
Observing that a large number of projects are either outstanding or under implementation, the study has recommended the constitution of a high-powered committee under the chief minister to expedite the completion and avoid cost escalation.
The report found that Meghalaya has achieved significant success in the cultivation of non-traditional crops like tea, cashew nut, oilseeds, tomato, mushroom, wheat and turmeric in 2019-20.
The MSME EPC and BillMart proposed to provide handholding to at least 50 potential entrepreneurs to start their own enterprises in a year.
BillMart has already launched MSME GAIN (Growth and Intelligence Network) and shall train enterprises on the application of technology for growth of businesses and up-to-date knowledge on various laws. (PTI)
