Guwahati: Today, the Indian Chamber of Commerce (ICC) presented a thorough document to Dr. Arvind Panagariya, Chairman of the 16th Finance Commission, listing important suggestions to boost industrial and economic development in Assam and the larger North-East area. Mr. Sarat Kumar Jain, Chairman of ICC's Assam and Meghalaya Chapter, along with Mr. Ishantor Sobhapandit, Regional Director of ICC-North East, presented the memorandum. The memo highlighted the necessity of focused financial assistance in numerous sectors crucial for the sustainable development of Assam.
The ICC requested special funding to enhance industrial infrastructure in the area. This consists of improved road links, railway systems, harbors, and electricity provision, especially along the North East Industrial Corridor. The memo also called for backing in the advancement of inland waterways and multimodal logistics centers to enhance transportation effectiveness.
In order to guarantee a dependable power supply for industrial development, the ICC recommended investment in enhancing the power transmission and distribution system. This will ensure a consistent supply of electricity to meet the needs of industry and decrease instances of power cuts. Acknowledging Assam's agricultural capabilities, the ICC suggested providing funds to enhance agro-based industries. This involves updating technology, improving storage facilities, and establishing agro-processing units. The memo emphasized the importance of offering rewards to businesses that follow circular economy principles and support sustainability.
The ICC called for encouraging measures to promote the growth of renewable energy, such as solar parks, small hydro plants, and biomass energy. The chamber also asked for more help with research and development in clean technologies to establish Assam as a center for green energy solutions.
The ICC suggested providing specific funding for projects like flood control, embankment strengthening, and river management to address the area's susceptibility to climate change. The memo also suggested investing in climate-resilient agriculture and infrastructure built to endure severe weather conditions. The North East region holds a variety of resources like bamboo, oil, coal, limestone, and a favorable climate for agriculture and horticulture. However, these resources are not fully utilized because of the absence of value addition and processing industries. Therefore, the ICC suggested boosting value-added industries in agriculture, horticulture, and forestry, especially in areas such as bamboo processing, rubber, and tea. Promote partnerships between the public and private sectors to establish advanced processing facilities for industries like tea, spices, organic farming products, and natural gas. Additionally, offering tax breaks and funding for research and development (R&D) to enhance resource utilization and product innovation, specifically in environmentally friendly sectors.
The memo emphasized the requirement of dedicated funds to boost Assam's burgeoning startup community. ICC recommended setting up venture capital funds, incubators, and accelerators to promote innovation in the Micro, Small, and Medium Enterprises (MSME) sector, offering essential support for local entrepreneurs.
Due to Assam's advantageous position, the ICC suggested funding infrastructure for cross-border trade, such as border markets, integrated check posts, and the enhancement of international trade routes. These measures will boost the economy of Assam and improve the chances of regional cooperation with nearby nations.
To summarize, the ICC called on the 16th Finance Commission to acknowledge Assam's potential in agro-processing, renewable energy, and tourism industries, and to provide sufficient financial assistance to address climate risks and infrastructure deficiencies. The memo highlighted that these suggestions would help Assam utilize its special abilities, moving the area towards long-lasting and inclusive development
FIRST Business Portal addressing the potential of business capability of North East Region.
