Assam expanding beyond traditional sectors: Finance Minister
Assam Finance Minister Jayanta Mallabaruah today highlighted the State’s human resources as its greatest strength for industrialisation, saying that the ongoing investment-led transformation must translate into quality employment, entrepreneurship and economic opportunities for the youth within Assam.
Addressing the 13th SBI Banking & Economics Conclave at The Taj Mahal Palace, Mumbai, Baruah said Assam is expanding beyond its traditional economic strengths of tea, petroleum and agriculture and building new growth ecosystems across semiconductors, electronics, food processing, tourism, logistics, renewable energy, healthcare, aerospace and defence.
“Assam’s greatest resource for industrialisation is its human resource, and that makes Assam one of the most attractive destinations for investment today,” Baruah said.
Baruah said the State’s approach, under the leadership of Chief Minister Himanta Biswa Sarma, focuses on strengthening infrastructure and human capital, undertaking business-friendly reforms, introducing sector-specific policies, and improving single-window mechanisms to facilitate investment.
Highlighting the emerging industrial ecosystem, the Minister cited the approximately Rs 27,000 crore semiconductor facility in Morigaon. He also highlighted the Rs 778 crore PepsiCo India food manufacturing facility in the Nalbari region, which he represents as an MLA. He said the State has proposed a Rs 2,000 crore Assam Industrial Momentum Fund and a High-Powered Industrial Promotion Board to further strengthen industrial promotion.
At the outset, Baruah acknowledged SBI Chairman CS Setty and complimented the SBI team for bringing policymakers, bankers, economists and industry leaders together on a common platform. He shared the panel with Uttar Pradesh Finance Minister Suresh Kumar Khanna. Andhra Pradesh Minister for Finance, Planning, Commercial Taxes and Legislative Affairs Payyavula Keshav and Maharashtra Minister of State for Finance Advisor Ashish Umadevi Nandkishore Jaiswal participated digitally.
