Guwahati: Recognizing the importance of supporting entrepreneurship, the Indian Chamber of Commerce (ICC), under the leadership of M.K Saharia, the Chairman of ICC's Northeast Chapter, plans to establish startup facilities to provide mentorship and support to aspiring entrepreneurs in the region.
In his conversation with Business Northeast, M.K Saharia also discusses the infrastructural development of the Northeast, challenges faced by the region, and the impact of insurgencies. The ICC's efforts align with the goal of promoting economic growth and development in the Northeastern states of India.
BNE: How much the infrastructure has developed in the northeastern region?
Saharia: Northeast region of India has always had the potential for growth. The region has transitioned from the "Look East Policy" to the "Act East Policy," indicating a shift towards more proactive engagement with neighboring countries and international trade. Over the past two years, there has been significant attention from both the central and state governments, resulting in notable development in the Northeast.
Previously, the state governments relied heavily on the central government for funding. However, the direct involvement of the state governments in the Northeastern Region (NER) has proven to be beneficial. Assam, in particular, has witnessed a significant focus on infrastructure development. The past five years have brought about considerable changes in the state.
One visible example of infrastructure development can be seen in Guwahati, where the construction of flyovers is taking place. Once completed, these flyovers are expected to improve connectivity and commute within the city, enhancing the overall living experience. However, it is noted that the progress of highways in Assam has been slower compared to other states, indicating the need for further development to align with the infrastructure standards of other regions.
Overall, the concerted efforts of the central and state governments, along with the focus on infrastructure development, signify a positive trajectory for the Northeastern region and its potential for growth.
BNE: What G20 meetings have brought to the NER? Could you brief the readers about the recent G20 Meetings and its impact in the region?
Saharia: G20 Meetings have served as a platform to discuss and explore the potentials of different regions, including the Northeastern region of India. The Northeast region has received significant attention at these G20 meetings.
During the last G20 meeting held in Kohima, specific developments took place. A land has been allotted for the state's development, indicating a focus on promoting economic growth and infrastructure in the region. Additionally, the rollout of 5G services in the state of Kohima has been implemented to enhance connectivity and transportation.
Places like Kohima, the capital city of Nagaland, are known to have a skilled workforce and ample manpower. The attention given to the Northeastern region at the G20 meetings highlights the recognition of its potential and the importance of harnessing the talents and resources available in the region.
These efforts, including the allocation of land for development and the introduction of advanced communication technology like 5G, aim to foster economic growth, improve connectivity, and create opportunities for the skilled population of the Northeast.
BNE: What industry bodies like ICC with the financial organisations doing in funding the startup entrepreneurs? And how the startup entrepreneurs here are different from other states?
Saharia: Financial institutions like the North Eastern Development Finance Corporation Limited (NEDFi) have been proactive in promoting and organizing seminar programs. Additionally, the Indian Chamber of Commerce (ICC) is planning to establish startup facilities in the Northeast region to support and mentor entrepreneurs. The ICC is actively seeking partnerships to provide comprehensive training and support throughout the startup journey.
Startups in the Northeast are not yet on par with those in other states but are gradually catching up. Many young people from the region are now pursuing higher education outside the region to gain exposure and knowledge. This trend reflects the aspiration of the youth to acquire the necessary skills and experiences to contribute to the startup ecosystem in the Northeast.
The government is also making efforts to support the startup ecosystem in the region. These combined efforts from financial institutions, organizations like ICC, and the government are aimed at nurturing and promoting startups in the Northeast. The focus on providing early support, fostering educational opportunities, and creating a conducive environment for startups reflects the region's commitment to fostering entrepreneurship and innovation.
BNE: What more plans does ICC have?
Saharia: Indian Chamber of Commerce (ICC) has been consistently working in specific areas of development in the Northeast region. The main focus areas for ICC include:
BNE: How far to achieve the benchmark of development in NER?
Saharia: The Goods and Services Tax (GST) has gained significant recognition in the Northeast region. Out of the eight northeastern states, three to four states are performing above the average in terms of GST implementation and compliance.
However, the development of the Northeast region has faced challenges due to natural calamities, insurgencies, and other socio-economic factors. These challenges may have caused delays in development, but Saharia highlights that with the collective efforts of the government and industry bodies, the Northeast has made considerable progress and is currently in the developing stage.
Once these issues are resolved, the Northeast will be able to establish good relations with ASEAN countries, fostering enhanced trade and development opportunities. He also notes the positive changes in Tripura and Nagaland, suggesting that improvements in Assam will have a cascading effect, positively impacting the other states in the region.
Overall, despite the challenges faced, the collective efforts of the government, industry bodies, and the progress observed in certain states indicate the Northeast region's potential for development and growth. Resolving the existing issues and further promoting economic development in the region can lead to accelerated progress and improved relations with neighboring countries.
BNE: What according to you has changed after the non-renewal of NorthEast Industrial Policy?
Saharia: Northeast Industrial Policy played a significant role in ushering a new era of development in the region. However, after its expiry, the central government did not see the need to continue the policy, as they believed that the set deadlines and targets had already been met.
Despite this, the people of the Northeast region remain hopeful for the renewal of the industrial policy with some changes. They recognize the positive impact that the policy had on the region and its potential for further development. The renewal of the policy with necessary modifications could provide a renewed impetus for industrial growth and economic progress in the Northeast. Northeast is also looking forward to a similar industrial policy in Jammu & Kashmir, should the industrial policy there be renewed.
While the Northeast Industrial Policy has expired and the central government did not perceive a need for its continuation, the people of the Northeast region are hopeful for its renewal with necessary revisions to drive industrial growth and economic development in the region.
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