Meghalaya, geologically mineral rich and a potential logistics centre for trade with South East Asia, Bangladesh, Bhutan and Myanmar, is attracting investment in food processing, horticulture, tourism and mineral-based industries, a study has found.
In 2020-21, the state attracted new investment projects worth Rs 5.6365 billion and the projects completed during the period were worth Rs 1.058 billion.
This was revealed by the joint study conducted by the MSME Export Promotion Council and technology firm BillMart FinTech on ‘Unlimited growth opportunities for MSMEs & Start-Ups in Meghalaya’.
The study presented to the state government was released here by AL Hek, MLA and former minister and the Chairman of the MSME EPC – Meghalaya, DS Rawat, chairman of the council, BillMart Co-Founder and CEO, Jigish Sonagara.
Hek has recently taken over the chairmanship of MSME EPC, Meghalaya to guide and help the institution for enhancing entrepreneurial skill, provides handholding and provides training on how to use technology for the growth of businesses.
The Meghlaya chapter focuses on food processing, AYUSH, agriculture, horticulture, minerals, organic farming, tourism and real estate development.
Hek said that the food processing industry currently accounts for only 10 percent of the total agriculture produce of the state. He stressed the need to expand the sector and added that existing units are doing exceptionally well with markets outside the country. Food processing has huge untapped potential in the State as the state produces substantial quantities of oranges, peaches, pineapples, pears, guavas, plums and bananas. It also grows plenty of potatoes, tapioca, bay leaves, ginger, maize and jackfruit. In addition, plantation crops like coffee, rubber, black pepper, and areca nut are also becoming important products.
The study observed that a large number of projects are either outstanding or under implementation and has recommended the constitution of a high-powered committee under the Chief Minister to expedite the completion and to avoid any cost escalation.
The study found that Meghalaya has achieved a significant success in the cultivation of non-traditional crops like tea, cashew nut, oilseeds, tomato, mushroom, wheat, turmeric, etc.
