DIMAPUR — Advisor of Industries and Commerce, Hekani Jakhalu, on Tuesday underscored the vital role played by Micro, Small and Medium Enterprises (MSMEs) in the economic development of the Northeast region.
[bsa_pro_ad_space id=1]Despite only accounting 1.5% of India's MSMEs, the MSMEs in the Northeast contribute nearly 62% to the region's economy in terms of employment, output and exports, the advisor said.
Jakhalu was addressing the inaugural of the business session of the first Northeastern States Chamber of Commerce and Industry (NSCCI) business conclave held at Niathu Resort, Chümoukedima, a DIPR report stated.
She emphasised the need to focus on MSMEs and convert the region's potential into strength by addressing challenges and issues collectively.
She also recommended increasing the budget allocation under the North East Entrepreneurs Development Scheme to provide financial assistance to MSMEs at concessional interest rates.
The advisor said that despite the region's diversity, there is a shared aspiration among the states to foster economic growth and prosperity. Jakhalu spoke on the need for collective progress and teamwork, stating that the “challenges and aspirations faced by this group are shared.”
One of the key challenges, Jakhalu said, was the underutilisation of the region's potential, resources, and opportunities for economic growth and development.
She stressed on the importance of not just establishing infrastructure but also equipping the people with the technical skills required to make use of these resources effectively.
On the issue of trade imbalance in the region, she called for collaboration, awareness-building and the development of policies to facilitate trade.
She went on to say that the ‘Made in Northeast’ concept, introduced five years ago, can serve as a catalyst for strengthening relationships and boosting the regional economy through inter-state and international trade.
Pointing out to the decline in investment share in the Northeast under the North East Industrial and Investment Promotion Policy 2007, Jakhalu called for urgent development of a new industrial policy with enhanced incentives for at least ten years, with focus on supporting the MSME sector.
She also called to attention the Standing Committee on Commerce's report on 'Development of Trade and Industries in North Eastern Region (NER),' which covers various aspects, including connectivity, enhancing trade, trade with ASEAN, industrial land use, SEZs, bamboo industry, tourism, FDI and food processing.
[bsa_pro_ad_space id=1]She further stressed the need for a dedicated agency to develop the region's agriculture and indigenous horticulture products.
Highlighting the rich heritage and potential of the Northeastern states, the advisor called for collaboration among all stakeholders to chart a path towards sustainable economic growth.
Hekani encouraged participants of the business conclave to work together to transform their shared vision into reality.
The business session included discussions on various topics, including the prospect of business convergence in the Northeastern states, investment opportunities, and India's Act East Policy.
Stakeholders from all eight Northeastern states attended the conclave and shared their concerns, issues, and challenges.