GUWAHATI, May 30 ? The Secretary of the Department of Development of North-Eastern Region (DONER), Dr P D Shenoy today made an appeal to financial institutions to improve the credit-deposit (CD) ratio in the North-east to the national level within three years to facilitate faster economic development of the region. Delivering the key-note address at the first ever seminar on ?investment opportunities in the North-eastern region? organised by the NEDFi here, Dr Shenoy pointed out that Union Finance Ministry had issued directives to the all India financial institutions to restructure their lending rates in the region and grant credits to self-help groups (SHGs) is per micro-credit schemes.
Dr Shenoy said the Government of India was abreast of the change in the mindset of the NE people who have realised that insurgency will not pay, and was, therefore, keen to make adequate funds available for systematic development of infrastructure in the region in order to set the stage for rapid industrialisation. Calling upon industrialists from outside to invest in the region to capitalise on special incentives provided by the Government of India and the State Government of the region, Dr Shenoy stated that opening up of the Indo-Myanmar international road from Manipur in near future, opening of border trade with neighbouring countries, Agartala-Dhaka bus services would go a long way in expediting the process of development in the region. He said the NE needs massive flow of fund to tap its estimated 40,000 MW hydro-power potential, besides exploitation of mineral resources including high-grade limestone and quartz, coal, granite, value-added tea and tourism sector.
Inaugurating the seminar, which was attended by hundreds of representatives of the industry, financial institutions, and senior State and Central Government officials, Chief Minister, Tarun Gogoi said, ?NE no longer can afford to be left behind in economic development as it will lead to more discontentment among the masses and subsequent unrest.? He, therefore, called upon the Government of India to grant long-term incentives for setting up new ventures in the region, besides focusing on the infrastructure development of the region. He said while industrialisation was the need of the hour, the Government of India at the same time could overlook the simultaneous development of agriculture sector that still formed the backbone of the economy of the country.
The demand of country?s agriculture and horticulture sectors was echoed when the Chief Minister made an appeal to the Government of India to rethink on its import policy for agriculture and horticulture products in the interests of the farmers of the country as a whole and NE in particular. Sri Gogoi said creation of a steady and remunerative market was essential for the growth of industry and farming sectors. Earlier, delivering his welcome speech, the NEDFi Chairman-cum-Managing Director (CMD), J P Saikia, said the North-east had been making headlines for all the wrong reasons, but the time had changed now. He said with the Central Government granting liberal incentives and State Governments of the region becoming ?pro-active? to lure investment, the region had become a very remunerative destination for setting up industrial units.
NEDFi executive, S K Mahanta made a comprehensive presentation on resources and investment potential of the NE region for the information of the investors present in the seminar. The seminar provided an opportunity to all the seven north-eastern States to present their investment potentials before investors and business representatives present on the occasion.