Industry barons stress removal of bottlenecks

GUWAHATI, February 22: Captains of the industry have underlined the need for the removal of ground-level obstacles and impediments in the Northeast before expecting huge investment in the region. Speaking at the international conference on "Business opportunities in Northeast India-Guwahati Initiative," president of the Federation of Indian Chambers of Commerce and Industry (FICCI) Chirayu R. Amin said a number of ground-level realities like land use policies, labour mobility and lack of market integration have to be addressed in the region before expecting huge investment. The two-day conference was organised at the Gauhati Tea Auction Centre by FICCI in collaboration with the Federation of Industries and Commerce of the North eastern Region (Finer). Knowing that the issues cannot be addressed overnight, Amin said it was possible to create special growth enclaves in the region which were devoid of these constraints and which could become "attractive investment destination" for both foreign and Indian investors. "Political leadership in the region has to develop a minimum consensus on growth agenda to allay apprehensions which remain in the mind of potential investors," Amin said. The Ficci felt that resurgence in development of the region could be kickstarted by some mega investment projects in areas like power, healthcare, floriculture, oil and gas-based projects. Amin said as state-led development strategy had failed to deliver, market mechanism had to be effectively harnessed with the help of private investment. "We are not merely facilitating investment projects but creating a competitive climate," he said. The apex chamber of commerce expressed the need for an attitudinal change in the region to attract potential investors and to have a time-bound programme. "Many of the newly-created states are more investor-friendly as they have designated an officer who looks after an investor the moment he lands in the state," P.M. Sinha, member of the FICCI steering committee said. Sinha said it was difficult to expect investment in the region as loans were not secure and rate of interest should have been lower. "The states are also facing problems because of the delay in sanctioning projects," he said. Former Lok Sabha Speaker P.A. Sangma said the Centre's wrong perceptions towards the region resulted in sluggish development. "Had the money for Excise relief for promoting industries in the region been given for tourism, the region would have benefited," Sangma said. Assam Governor Lt. Gen.(retd.) S.K. Sinha said the Northeast has the potential to beckon investment and hoped that the conference would help generate political will and economic determination among the policy-makers. He said foreign investment would be the top priority.