Best Business Opportunities in Meghalaya - Identification and Selection of right Project, Thrust areas for Investment, Industry Startup and Entrepreneurship
Meghalaya is a state in north-east India. The name means "the abode of clouds" in Sanskrit. As of 2011, the state has a population of 2,964,007 and is the 23rd most populous in the country. The population of Meghalaya as of 2014 is estimated to be 3,211,474. Meghalaya covers an area of approximately 22,430 square kilometers, with a length to breadth ratio of about 3:1
Meghalaya is predominantly an agrarian economy. Agriculture and allied activities engage nearly two-thirds of the total work force in Meghalaya. However, the contribution of this sector to the State's NSDP is only about one-third. Agriculture in the state is characterized by low productivity and unsustainable farm practices. Despite the large percentage of population engaged in agriculture, the state imports food from other Indian states.
Meghalaya has some of the thickest surviving forests in the country and therefore constitutes one of the most important ecotourism circuit’s in India. The Meghalaya subtropical forests support a vast variety of flora and fauna. Meghalaya has 2 National Parks and 3 Wildlife Sanctuaries. Meghalaya also offers many adventure tourism opportunities in the form of mountaineering, rock climbing, and trekking and hiking, water sports etc. The state offers several trekking routes, some of which also afford an opportunity to encounter rare animals such as slow loris, assorted deer and bear. The Umiam Lake has a water sports complex with facilities such as rowboats, paddleboats, sailing boats, cruise-boats, water-scooters and speedboats. Tourism in India is a growing industry, and as per World Tourism Organization predictions, India will be a leader in using tourism as an employment generator. The State of Meghalaya must be placed in a strategic position to take advantage of this growth.
“MEGHALAYA TOURISM DEVELOPMENT CORPORATION” has been set up for developing and promotion of Tourism in Meghalaya. The Corporation shall make efforts to increase its revenue to enable to carry out promotional activities. MTDC will organize package tours not only to Cherrapunjee but to other tourist destinations; organize training for guides, etc.
The New Industrial & Investment Promotion Policy is designed to facilitate investments in new sectors across the State and thus ensure accelerated and sustained growth. The Policy focuses to attract, facilitate and promote wider expectations and high end investment.
There is an urgent need to promote investment in backward and difficult but resource rich areas. Therefore the policy provides additional incentives and support for such investments.
OBJECTIVE OF THE POLICY
• To promote investment in all sectors
• Generate employment opportunities for the local people in the industries and allied sectors.
• To provide special incentives for promoting local Entrepreneurs in setting up of micro, small & medium manufacturing and service enterprises.
• Develop human resources and bring about improvements in the quality of life by promoting industries in sectors where the state has comparative advantage.
• Achieve a balanced and growth oriented development covering the entire state through promotion of village and small scale industries.
• Encourage need based development of local entrepreneurial skills through intensive motivation and training programmes at District, Sub-division and Block levels.
• Provide guidance to prospective entrepreneurs by building up a data bank of project-profiles and other connected information. Special support to local entrepreneurs will be provided, and monitoring will be done to enable them to be successful.
• Simplify rules and procedures by providing a single-window clearance facility for all investment proposals as applicable.
• Promote Tourism, and make Meghalaya a tourist destination.
• Promote IT as industries.
• Promote first generation entrepreneurs. Government will encourage setting up of Entrepreneurship Development Institute by private or in PPP mode.
SALIENT FEATURES OF THE INDUSTRIAL POLICY
• State Government believes in promoting private enterprises for speedy economic development of the State. The Government also stands committed to ensuring the healthy growth of existing industries. For this purpose, Government will ensure optimum number of industries by not permitting excess in any specific sector, thereby ensuring sustainability of existing business.
• Enterprises promoted and managed by “Woman Entrepreneur”/physically challenged will get additional 10 % (ten percent) incentives on the State Capital Investment Subsidy.
• Meghalaya has a long international border which needs immediate attention for development. To address this issue, 10 Kms towards the State from the International border is declared as “PRIORITY AREA” and enterprises set up within the 10 Kms area will be given special incentives to be known as “Border Area Subsidy”.
• Government of Meghalaya recognizes:
1. Hotels (not below two star category) and Amusement Parks.
2. Medical and health services in the nature of nursing homes with a minimum capacity of 25 beds and Super – Specialty Health Care.
3. Vocational training Institutes.
INDUSTRIES IDENTIFIED AS THRUST AREAS
Agro Based Industries :
Horticulture – Based Units
Biotechnology Based Units
Medicinal Plants, Tea and Rubber
Animal Husbandry and Meat Processing Industries
Development of Mineral based Industries:
Limestone Based Industries- Cement Plants, Lime Plants,
Calcium Carbide Plants.
Electronics & Information Technology
INCENTIVES FOR LARGE AND MEDIUM SCALE INDUSTRIES
• For large and medium scale industries, there are subsidies like capital investment subsidy, interest subsidy, power subsidy, subsidy on cost of pollution/quality-control measures, special subsidy for pioneer units in backward areas etc.
• Exemption from the payment of applicable service tax for seven years to a "Tourism Unit"
• Sales Tax exemption on sale of finished products for a period of seven years from the date of commercial production.
• Reimbursement of Central Sales Tax (CST) paid on purchase of Capital Equipment installed till the date of project commissioning.
• Partial exemption for applicable stamp duty.
Meghalaya Government has always endeavored to set up the right kind of business climate to motivate investments in the State. In order to attract investment to the various sectors and thus contribute to the development of the economy as a whole.
The major being the industrial policy, which had been announced with a view to take advantage of the liberalized economic scenario in the country and also to keep pace with development in the national industrial sector are-
• Generate employment opportunities for the local people in the industries and allied sectors
• Develop human resources and bring about improvements in the quality of life by promoting industries in sectors where the state has comparative advantage. Create a conducive environment for industrial development by creation of the basic Infrastructural facilities and by setting up of industrial areas, growth centre and export promotion industrial park.
• Provide preference to local Entrepreneurship in setting up of large, medium and small-scale units.
• Promote local interests through joint ventures with external investors so as to facilitate technology transfer and capital flow by a package of suitable incentives.
• Encourage setting up of export-oriented, Agro based, Mineral-based, Horticultural based and Electronic units as thrust area.
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