Economic Survey 2024-25: Make industrial strategies appropriate to unique geographies of Northeast

Guwahati, Jan 31: The Economic Survey 2024-25, tabled in Parliament by Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman has spotlighted a stark disparity in industrial development across India, with significant implications for the Northeastern region. The report underscores that while states like Gujarat, Maharashtra, Karnataka, and Tamil Nadu collectively account for nearly 43% of India’s total industrial Gross State Value Added (GSVA), six Northeastern states—excluding Sikkim and Assam—contribute a mere 0.7%.

The Survey emphasizes the need for “geography-appropriate industrial strategies” tailored to the distinct challenges of the Northeast. Despite its rich biodiversity, abundant resources, and strategic location as a gateway to Southeast Asia, the region’s industrial development remains limited. Poor infrastructure, difficult terrain, and fragmented markets have historically constrained industrial investments.

However, Assam’s prominence in the mining sector is noted as a bright spot, with the state contributing significantly to India’s mining GSVA alongside Chhattisgarh, Gujarat, Maharashtra, and Odisha. This highlights the untapped potential for mineral-based industries in the region.

Interestingly, the Survey draws parallels with Kerala, which despite being less industrialized, stands as a “positive outlier” in construction activity, contributing half of its industrial GVA. This insight offers a potential growth pathway for Northeastern states. With increased investments in infrastructure development, real estate, and urbanization, the region could leverage construction as a key driver for industrial diversification and economic growth.

The Survey underscores the pivotal role of state policies in shaping industrial growth, emphasizing factors like regulatory reforms and infrastructure development. States that prioritize business-friendly policies can create an environment conducive to industrial expansion, resulting in faster income convergence and improved living standards.

Hot this week

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

The Baghmara connection to Meghalaya’s political history

Tura, Aug 17: For many in the state, Baghmara...

Mumbai pile up misery on Meghalaya

Mumbai, Jan 31: Mumbai piled up a massive 585-run...

14-year-old Dhinidhi Desinghu adds another gold in National Games

Haldwani, Jan 31: Fourteen-year-old swimming prodigy Dhinidhi Desinghu continued...

7 outgoing AAP MLAs resign ahead of Delhi polls

New Delhi, Jan 31: With less than a week...

Oppn calls Prez speech ‘directionless’

New Delhi, Jan 31: The Opposition on Friday dismissed...

Par panel discusses strengthening media laws, sensationalism in news

New Delhi, Jan 31: Several members of a parliamentary...

Entrepreneurs brainstorm on Govt schemes for industrial growth

Shillong, Jan 31: Seasoned entrepreneurs from across the state...

Chinese national arrested for trying to enter India illegally

Siddharth Nagar (UP), Jan 31: A Chinese national was...
spot_img

Related Articles

Popular Categories

spot_imgspot_img