Hekani Jakhalu, MLA and Advisor to the Department of Industries and Commerce, Government of Nagaland, on Tuesday underscored the vital role played by Micro, Small, and Medium Enterprises in the economy of Northeastern Region and stressed the need to focus on MSMEs and convert the region’s potential into strength by addressing challenges and issues collectively.
The Advisor was speaking at the opening of the business session of the 1st Northeastern States Chamber of Commerce and Industry (NSCCI) Business Conclave at Niathu Resort, Chümoukedima, DIPR informed.
Jakhalu also stated that despite comprising only 1.5% of India’s MSMEs, MSMEs in the Northeast contribute nearly 62% to the region’s economy in terms of employment, output, and exports. She pointed out that the NER accounts for around 3% of the total MSMEs in the country and recommended increasing the budget allocation under the North East Entrepreneurs Development Scheme to provide financial assistance to MSMEs at concessional interest rates.
The special guest also addressed the trade imbalance in the region and called for collaboration, awareness-building, and the development of policies to facilitate trade. She mentioned the “Made in NorthEast” concept introduced five years ago, which can serve as a catalyst for strengthening relationships and boosting the regional economy through inter-state and international trade.
Hekani Jakhalu highlighted the decline in investment share in the Northeast under the North East Industrial and Investment Promotion Policy 2007 and called for the urgent development of a new industrial policy with enhanced incentives for at least ten years, with a focus on supporting the MSME sector.
She mentioned the Standing Committee on Commerce’s report on ‘Development of Trade and Industries in North Eastern Region (NER),’ which covers various aspects, including connectivity, enhancing trade, trade with ASEAN, industrial land use, SEZs, bamboo industry, tourism, FDI, and food processing. Jakhalu stressed the need for a dedicated agency to develop the region’s agriculture and indigenous horticulture products.
One of the key challenges discussed by Jakhalu was the underutilization of the region’s potential, resources, and opportunities for economic growth and development. She stressed the importance of not just establishing infrastructure but also equipping the people with the technical skills required to make use of these resources effectively.
Further, she highlighted the rich heritage and potential of the “Seven Sisters” and called for collaboration among all stakeholders, despite the region’s diversity, to chart a path toward sustainable economic growth. Hekani Jakhalu expressed gratitude to the Northeastern States Chamber of Commerce and Industry for organizing the conclave and encouraged participants to work together to transform their shared vision into reality.
The business session of the NSCCI conclave included discussions on various topics, including the prospect of business convergence in the Northeastern states, investment opportunities, and India’s Act East Policy. Stakeholders from all eight Northeastern states attended the conclave and shared their concerns, issues, and challenges.
