Guwahati, March 10: H.W.T. Syiem, the banking ombudsman for the Northeast, has called for spiking the inner-line permit regulation to bolster investments in the region.“It is an archaic law and needs to be reviewed to make the region more investment-friendly,” Syiem said here today at a seminar on international trade and development of the region. The two-day seminar is being organised by the Northeast Chamber of Commerce and Industry.
Syiem, a former secretary in the North Eastern Council, said prospective investors shy away from the Northeast because of its antiquated land laws, prohibiting “outsiders” from buying immovable property.
He said unless the restrictive laws are reviewed, the Northeast would never get investments. “You will have to play on the terms of the investor as it would be his decision where to put the money,” he said.
The banking ombudsman said the Northeast has to look at the opportunities coming its way, especially from the neighbouring countries, for a prosperous future. “The change in attitude witnessed in the past few years has not been fast enough to meet the challenge,” he said.
Assam, despite having vast tea and oil resources, has not been able to reap the benefits. “The governments’ policies should be more active, while thrust has to be given on education and technical expertise.”
Manager of the Export Import Bank of India, Guwahati, S.J. Sonowal, said the bank is looking forward to financing schemes under export credits and funding export-oriented companies, export services and support programmes.
“We would finance projects if they are commercially viable and help provide expertise in marketing products abroad,” he said. Joint director-general of foreign trade in Guwahati, M.K. Mero, stressed that the region would reap rich dividends from joint ventures.
A. Jauhri, adviser, Export Inspection Council of India, said many people in the Northeast are still not aware of the rules and regulations of foreign trade.