The 15th Finance Commission headed by its Chairman, Shri N.K. Singh as part of  its visit to the State of Meghalaya today held a meeting with the representatives of the Trade and Industry Bodies of  Meghalaya.      

The  Commission was noted that:

• The  Meghalaya Government had launched ‘Industrial Policy-2012’, which promises to provide a package of subsidies, incentives and assistance to Micro, Small, Medium, Large, Mega Large and Ultra Large manufacturing and service enterprises; incentivize enterprises promoted and managed by “Woman Entrepreneur”/physically challenged with  additional 10 % (ten percent)  on the State Capital Investment Subsidy; incentivize industries coming up in backward areas will get an additional   15 % on the State Capital Investment Subsidy etc.

The Commission observed:

• Like the other seven states of the north-east, Meghalaya also faces the disadvantages of remoteness from the mainland of the country. It has to promote not only internal trade with other states of the north-east and the country as a whole - but also external trade with neighboring countries, such as Bangladesh.
• Meghalaya needs to strengthen up its infrastructure to attract foreign investment in the State. Good transportation networks are necessary to interlink potential growth centres, promote tourism, connect to border trade points, and support economic, social, and security needs.
• Meghalaya needs to take full advantage of the various central government funded schemes like ASIDE (Assistance to States for Development of Export Infrastructure), EDF-NER (Export Development Fund for North East Region), etc., to increase exports with Bangladesh.

The Commission assured to look into all the issues raised by the Trade and Industry representatives while making its recommendations.    

Industrial incentives and infrastructure needs: measures urged to boost cross border trade and leverage central export schemes. The Finance Commission reviewed Meghalaya's Industrial Policy-2012 offering subsidies and enhanced State Capital Investment Subsidy for women and disability promoted enterprises and extra support for industries in backward areas, and highlighted the need to strengthen transport and connectivity to support tourism and border trade, while urging use of central export and export infrastructure schemes to increase exports to neighbouring countries.