Meghalaya attracted new investment projects valued at around Rs 56.36 crore in the 2020 -- 21 financial year, while the projects completed in the state during the period were worth Rs 10.58 crore, according to a study.
The state, which is logistically central for trade with countries such as Bangladesh, Bhutan and Myanmar, is attracting investment in food processing, horticulture, tourism and mineral-based industries, it said.
The study conducted by the MSME Export Promotion Council and technology firm BillMart FinTech was released on Friday. It was presented to the state government.
The state attracted new investment projects worth Rs 5636.5 million Rs 56.36 crore and the projects completed during the period were worth Rs 1058.0 million Rs 10.58 crore, according to the study.
The MSME EPC and BillMart proposed handholding for 50 potential entrepreneurs to start their own businesses in a year.
BillMart has also launched the MSME GAIN Growth and Intelligence Network and will train businesses on the application of technology for growth and up-to-date knowledge on various laws.
MSME EPC chairman AL Hek said that the food processing industry currently accounts for only 10 per cent of the total agriculture produce of the state, which needs to be expanded.
Food processing in Meghalaya produces large quantities of oranges, peaches, pineapples, pears, guavas, plums and bananas, he said.
Hek said a special division on North-eastern economic development was established in the MSME EPC secretariat and it will focus on attracting fresh private sector investment.
The study has recommended the formation of a high-powered committee under the chief minister to speed up the completion and avoid cost escalation, because a large number of projects are either outstanding or under implementation.
In 2019 - 20 it was found that Meghalaya has achieved significant success in the cultivation of non-traditional crops like tea, cashew nut, oilseeds, tomato, mushroom, wheat and turmeric.