WEALTHY GREEN STATES OF INDIA
The Northern East Global Investors Summit (NEGIS) is a flagship initiative launched by the Ministry of Department of North East Neighbourhood Policy and Development (DoNER). Successful Investor Roundtables were held in various states of the Northeast region, including Assam and Tripura, and Mizoram and Sikkim, as well as Meghalaya, and further events are planned to be held in other states of the North East region.
The roadshow was attended by Secretary, Ministry of Doner – Shri Lok Ranjan and Joint Secretary, Minister of Doner – Mr Harpreet Singh, who discussed the vast trade and investment opportunities available in the North East region of India. The event was also hosted by Chairman of FICCI Northern East Advisory Council (FICCI North East).
The introductory remarks were presented by Mr. Deepak Mukhi – Head – Maharashtra State Council – FICCI, welcomed the respective Ministries, Dignitaries, Industrialists and Stakeholders before opening of the investor summit.
The North East region is a key access point to Southeast Asian economies. The eight states of the region provide investors with a wide range of business opportunities. For instance, the state of Sikkim is renowned for being the first in the country to have a fully organic economy, while pharmaceutical businesses have seen a surge in the state. Additionally, the states of Mizoram, Manipur and Tripura have seen an increase in investor interest, with the Tourism sector being particularly sought after. Furthermore, in the North-East, the areas of investment have become increasingly important in recent years, particularly in the areas of power generation and biotechnology, as well as natural resources and ecological tourism. Furthermore, the North-East states have recently hosted the G20 meetings.
During the event, Minister of DoNER Lok Ranjan highlighted the industrial milestones that have been achieved in the North East region as a result of the increasing investor interest. He also highlighted the efforts of central and state governments and facilitators such as DoNER in identifying various investment opportunities.
Addressing the First Mumbai Investor Roadshow edition, Shri Lok Ranjan, Secretary, Ministry of DONER, said, “With the investor interest in the region, the North Eastern region has achieved several industrial landmarks. The central and state governments and facilitators such as DoNER have together discussed several investible opportunities with businesses. Our interactions with businesses have revealed several welcoming and proactive experiences around North East.”
He further added, “efforts are being made to invest and develop the entrepreneurial spirit of the Northeastern region. The progress of the trilateral highway between Bangladesh and India will further enhance the prospects of integration. We are receiving significant support and contributions from various stakeholders. Logistics has been given due attention, and sectors such as food processing, IT, and solar energy have been capitalized upon. From the Ministry of DoNER’s perspective, we view these initiatives as proactive steps eagerly embraced by investors.”
As per the research report titled – Natural Resources and Socio-Economic Development in North East India, the key facts –
The Northeastern region of India comprising eight states has enormous natural resources. Like the rest of the world, this region faces threat to biodiversity and river ecosystem
The Northeast region of India has an abundant mineral comprising chiefly of limestone, coal, natural oil and gas, uranium, feldspar, and others. The northeast region boasts abundant natural resources, hydroelectric potential, oil and natural gas, and several mineral deposits, making it well-positioned for industrial growth and expansion.
The Northeast states have a potential of producing 60,000 MW of hydropower out of which only 2004 MW is harnessed. Northeast region has the highest hydropower potential with almost 42.54% of the country.
In Northeast region, Mizoram (91.58%) has the highest literacy rate followed by Tripura (87.75%), Sikkim (82.20%), Nagaland (80.11%), Manipur (79.85%), and Meghalaya (75.48%). There are some states like Assam (73.18%) and Arunachal Pradesh (66.95%) having less literacy rate as against the national average of 74.05 %.
Shri Harpreet Singh, welcoming investors to the North East Roadshow in Mumbai, said, “The North Eastern region is a compelling business and industrial destination. Honourable Prime Minister Shri Narendra Modi has referred to it as a growth- engine driver of the country. The region is a gateway to South East Asian markets and even beyond.”
He further added, “We have identified several priority and marquee sectors such as Agriculture, food-processing and allied sectors; Education and Skill Development; Healthcare and medicine; Power generation; Textiles handicrafts and handloom; IT and IT enable services; tourism and hospitality sector. Many states in the North Eastern region have set up empowered committees on industrial and investment development after the DoNER’s roundtables in the North Eastern state capitals. There is considerable ease of doing business and industrial assistance provided by the central and state governments which should facilitate investors keen to start a business in the region.”
“Northeast is one of the leaders in biodiversity!” – Mr. Ranjit Barthakur, Chairman, FICCI Northeast Advisory Council.
With an aim to give momentum to investments, the summit will prove to be an important milestone in achieving the outcome!
The North East offers tremendous prospects for businesses wishing to experience double-digit organic expansion. Businesses from all over India, have participated in the event, including Dabur and Patanjali; Amul; Parle Agro; Pepsi Co; ITC; Britannia; Hindustan Unilever; Sun Pharmaceuticals; JSW Energy; Indian Oil; Adani Ventures; Mahindra Holiday; and many more.
The meeting was attended by senior government officials and representatives of the state governments who responded to a broad range of queries. On the subject of entrepreneurship, the officials outlined how start-up companies in the Northeast could take advantage of various programs, including the Assam’s Nest incubator program to support start-ups. Furthermore, they highlighted start-up initiatives such as Mizoram’s Entrepreneur Development Scheme, which accounted for 60% of the start-up assistance for women-led businesses, which was highly praised by investors and the media. Additionally, they highlighted successful programs implemented by the states of Arunachal, Mission and Investment Park, and Nagaland.
Highlighting on the start-up and business culture, Shri Ranjan added, “The central and state governments realise the potential of start-ups. Agencies like the North East Development Finance Corporation have gained success by handholding start-ups. At the ministry also there are a number of requests for start-ups which we have supported through unique incubation programs. We are also in the stages of a new system which should help start-ups avail required support and assistance from the ministry.”
The North East region is of paramount importance to India’s economic objective of a five trillion dollar economy. Government investments in capacity building in the region have been observed in recent times. Special schemes and packages, including the NLCPR Scheme, SIDF, PM-DevINE and more, have highlighted the need to build a region that is conducive to rapid, strong and sustainable development. Prime Minister of India, Shri Narendra Modi has referred to the North East region as Ashtalakshmi (eight goddesses of wealth).
The Investor Roadshow was hosted by FICCI, EY, and Invest India, and was attended by government officials from the northeastern states, the Ministry of DoNER, North Eastern Handicrafts and Handlooms Development Corporation NEHHDC, North Eastern Council NEC, North Eastern Development Finance Corporation NEDFI, and North Eastern Regional Agricultural Marketing Corporation NERAMAC, who provided key insights and guidance to investors on the latest developments in the region.
NORTH EAST INDIA KEY FACTS:
The per capita income for the North-eastern region was Rs. 1,11,757 (approximately $1,490) in the financial year 2019-20.
The Region’s GSDP at current prices is INR 5.75 lakh crore in FY 2021-22.
The Northern East Global Investors Summit (NEGIS) roadshow organized by MDoNER generated considerable interest, with more than 200 business- to-government (B2G) meetings taking place on the same day, attended by a considerable number of North East investors, key policy makers and government representatives.
The Northeast Indian states possess a wealth of natural resources and a high biodiversity of the region. Furthermore, the NE states have a great agricultural and horticultural potential, with a wide variety of plantations and crops, ranging from vegetables to fruits, available in abundance and offering a wide range of tastes. In addition to natural resources, the Northeast states possess all the necessary elements for the establishment of industries and processing units for the purpose of adding value. There is a great potential to increase the value of agricultural output, create employment, enhance exports, and bolster the domestic supply chain.
In recent years, significant investments have been pouring into sectors like food processing, pharmaceuticals, tourism and hospitality, cement, education, healthcare, and infrastructure, laying the foundation for the NER’s overall development.
“Everybody is very cordial when it comes to cooperation in the state in terms of building our business” – Mr. Satish Kolte, Global Head (Eng), Sun Pharma.
“Our commitment towards the state of Assam will continue” – Mr Yogesh Mishra, ED, HUL