Latest news with #North-eastern
Mint
27-05-2025
- Business
- Mint
Investments worth ₹4.32 tn expected in North-east, states to offer incentives: Jyotiraditya Scindia
New Delhi: North-eastern states are expected to start offering incentives soon for business deals worth ₹ 4.32 trillion that they have sown up in the just-concluded regional investment summit, minister of development of North Eastern region Jyotiraditya M. Scindia said in an interview. Scindia said the Central government is doubling down on the strategic development of the region and is stepping up connectivity. Guwahati and Agartala are being made into international gateways to cities like Singapore and the government is working steadfastly on the trilateral highway connecting India, Thailand and Myanmar, the minister said. Better infrastructure connectivity will also help the country, and the region tap new opportunities from the $122-billion trade among South-east Asian nations, Scindia said. Development of the eight North-eastern states, described by Prime Minister Narendra Modi as 'Ashta Lakshmi,' is a priority for the government given the region's strategic location, economic potential and the need for inclusive national growth. Scindia said the two-day summit that ended on 24 May was the culmination of extensive work, including roadshows in which state chief ministers and ambassadors participated and multiple meetings with industrial groups. At the end of it, the eight states together received investment proposals worth ₹ 4.32 trillion, Scindia said. This covers investments in all eight states and encompasses multiple sectors including manufacturing, fast moving consumer goods, hydropower, information technology, agriculture, horticulture, floriculture, tourism, textiles, perfumes and bamboo. 'It is a very widely diversified investment basket,' the minister said. Scindia said he has worked with the chief ministers of all the eight states–Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura–and their governments to build state-specific plans. 'We have also recommended each of the states to set up investment promotion authorities (IPAs) and all the eight states have either done so or are in the process of doing so where an incentive structure, industry wise, will be outlined by each of the state governments.' 'We have also worked on a logistics policy for every state looking across 12 parameters, where each state stands vis-a-vis the others and presented that to each state government and each of them will come out with individual logistics policies. Therefore, it is a very streamlined and facilitatory partnership driven approach.' The minister added that the incentive regime that each of the states will come up with, will depend on what investors are looking for in that state. It is not a one-size-fits-all approach. The minister described the North-east as India's engine of growth. 'The global average GDP growth rate is close to about 2-2.5% and India is growing at 6.5-7%. So, we are growing at almost 2.5 to 3 times the world average. The North-east—not one state, not two, not five, or seven, but all the eight states—in the last decade have grown at a decadal growth rate of 12 to 13%. North-eastern states are growing at almost twice the rate of India and close to five times the global growth rate,' said Scindia. Development of the region is of strategic importance to India given that it shares international borders with China, Myanmar, Bangladesh, Bhutan and Nepal, which makes it a priority region for national security and regional diplomacy. Referring to the infrastructure creation in the region in the last ten years, Scindia said the North-east is unique in geo-strategic positioning. 'The flying time from Guwahati to Mumbai is equal to the flying time from Guwahati to Singapore. The flying time from Agartala to Chennai is the same as from Agartala to Bangkok. Therefore, we are thinking of making sure Guwahati and Agartala are made into international gateways,' the minister said. Scindia said 70% of the over-1,400 km India-Myanmar-Thailand trilateral highway has been completed and that New Delhi was working steadfastly for finishing the work. The government is also developing multimodal connectivity in the region.
Mint
14-05-2025
- Business
- Mint
Govt eyes ₹2.5 trillion proposed investment in North eastern region ahead of summit: Scindia
New Delhi: The ministry responsible for the development of the North-east is expecting a promised investment of at least ₹ 2.5 trillion ahead of an important regional summit, Union minister of communications and development of North-eastern region Jyotiraditya Scindia on Wednesday. The 'Rising Northeast Summit' is set to be held on on 23-24 May, with the aim to develop various industries in the eight North-eastern states. The ministry had received ₹ 1.12 trillion as proposed investment as of Wednesday, said Scindia. It plans to secure the remainder from major state-run firms as well as leading private sector companies including Reliance, Tata Sons, Birla, Ambuja Neotia, ITC and the Adani Group. The focus sectors for investment include energy, agriculture and allied industries, tourism and hospitality, infrastructure and logistics, textiles, handloom and handicrafts, IT and ITeS, education and skill, healthcare, and entertainment and sports. "We'll be hand-holding the investors and the state government to convert these commitments into reality," said Scindia during the curtain raiser for Rising Northeast 2025 on Wednesday. 'Post 24 May, our job will be to make sure that we start seeing conversions happen.' Scindia said the eight states in the North-east—Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura—were showing growth rates which have been double that of India for the last decade, making them a high-return opportunity for investment. The government has received a total of 732 investment proposals worth ₹ 1.12 trillion, including 77 in Arunachal Pradesh worth ₹ 24,338 crore, 106 in Assam ( ₹ 38,685 crore), 39 in Manipur ( ₹ 2,919 crore), 110 in Meghalaya ( ₹ 14,753 crore), 75 in Mizoram ( ₹ 5,111 crore), 82 in Nagaland ( ₹ 8,671 crore), 110 in Sikkim ( ₹ 6,747 crore), and 132 in Tripura (worth ₹ 11,755 crore), the minister told reporters. Interactions were held with major industrialists and corporate groups including Reliance, Tata Sons, Birla, Ambuja Neotia, ITC and Adani Group, secretary of the ministry of development of North-eastern states Chanchal Kumar said. It is expected that in the run-up to the summit, additional investment commitments of nearly of ₹ 80,000 crore can be proposed by the top 10 corporate groups, he added. The summit is the culmination of the investment promotion activities undertaken by ministry of development of North- eastern region (MDoNER) in association with all the eight states for over a year. The two-day summit will be held at Bharat Mandapam, New Delhi during which 11 ministerial sessions will be held. Scindia himself has conducted nine roadshows across the country to attract investment for the North-east. In April this year, Scindia also met with French industrialists to secure investments, he said. The meeting was led by the French ambassador and Scindia.
Mint
14-05-2025
- Business
- Mint
Govt eyes ₹2.5 trillion proposed investment in North eastern region ahead of summit: Scindia
New Delhi: The ministry responsible for the development of the North-east is expecting a promised investment of at least ₹ 2.5 trillion ahead of an important regional summit, Union minister of communications and development of North-eastern region Jyotiraditya Scindia on Wednesday. The 'Rising Northeast Summit' is set to be held on on 23-24 May, with the aim to develop various industries in the eight North-eastern states. The ministry had received ₹ 1.12 trillion as proposed investment as of Wednesday, said Scindia. It plans to secure the remainder from major state-run firms as well as leading private sector companies including Reliance, Tata Sons, Birla, Ambuja Neotia, ITC and the Adani Group. The focus sectors for investment include energy, agriculture and allied industries, tourism and hospitality, infrastructure and logistics, textiles, handloom and handicrafts, IT and ITeS, education and skill, healthcare, and entertainment and sports. "We'll be hand-holding the investors and the state government to convert these commitments into reality," said Scindia during the curtain raiser for Rising Northeast 2025 on Wednesday. 'Post 24 May, our job will be to make sure that we start seeing conversions happen.' Scindia said the eight states in the North-east—Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura—were showing growth rates which have been double that of India for the last decade, making them a high-return opportunity for investment. The government has received a total of 732 investment proposals worth ₹ 1.12 trillion, including 77 in Arunachal Pradesh worth ₹ 24,338 crore, 106 in Assam ( ₹ 38,685 crore), 39 in Manipur ( ₹ 2,919 crore), 110 in Meghalaya ( ₹ 14,753 crore), 75 in Mizoram ( ₹ 5,111 crore), 82 in Nagaland ( ₹ 8,671 crore), 110 in Sikkim ( ₹ 6,747 crore), and 132 in Tripura (worth ₹ 11,755 crore), the minister told reporters. Interactions were held with major industrialists and corporate groups including Reliance, Tata Sons, Birla, Ambuja Neotia, ITC and Adani Group, secretary of the ministry of development of North-eastern states Chanchal Kumar said. It is expected that in the run-up to the summit, additional investment commitments of nearly of ₹ 80,000 crore can be proposed by the top 10 corporate groups, he added. The summit is the culmination of the investment promotion activities undertaken by ministry of development of North- eastern region (MDoNER) in association with all the eight states for over a year. The two-day summit will be held at Bharat Mandapam, New Delhi during which 11 ministerial sessions will be held. Scindia himself has conducted nine roadshows across the country to attract investment for the North-east. In April this year, Scindia also met with French industrialists to secure investments, he said. The meeting was led by the French ambassador and Scindia. "There are already a lot of French investors that are invested today in the North-east. And they are looking to increase their investment," said Scindia. "There is a lot of interest from sectors such as dairy, agriculture, aviation, and IT from the French investors as well," he added.
