Guwahati: In a significant milestone for Assam’s economic landscape, Chief Minister Himanta Biswa Sarma announced a historic investment proposal exceeding Rs 11,000 crore in 2023. This transformative initiative, propelled by the Industrial and Investment Policy of Assam (Amendment), 2023, is poised to generate over 10,000 employment opportunities.
CM Sarma, addressing the positive development on December 5, highlighted the state’s commitment to fostering an investor-friendly environment throughout the landmark year of 2023. He attributed the remarkable achievement to the innovative customised incentive policy implemented during this period, which has reshaped Assam’s industrial trajectory.
“In 2023, Assam witnessed an unprecedented investment proposal, surpassing Rs 11,000 crore, with the potential creation of more than 10,000 jobs—a testament to our groundbreaking customised incentive policy,” Sarma declared.
The cornerstone of this policy is tailored incentives targeting mega projects with a minimum investment of Rs 100 crore and a commitment to hiring at least 200 permanent employees. The emphasis on substantial projects underscores Assam’s dedication to attracting transformative investments that can significantly contribute to the state’s economic growth.
The key highlights of the scheme in 2023 include an impressive total of 17 investors, proposing a substantial investment of Rs 11,753.7 crore. Among these investments, a proposed capital infusion of Rs 8,775.5 crore is expected, promising a significant boost to the state’s economic infrastructure. Additionally, the proposed generation of 10,906 employment opportunities—both direct and indirect—signals a positive impact on the employment landscape.
The comprehensive incentive package under the policy encompasses various perks aimed at facilitating a conducive business environment. Notable incentives include a power subsidy amounting to Rs 77.1 crore, reimbursement of electricity duty totaling Rs 31.77 crore, and a substantial capital subsidy of Rs 282.25 crore.
Assam’s success in attracting these investments can be attributed to a strategic blend of policy reforms and a proactive approach to fostering economic growth. As the state continues to position itself as an attractive investment destination, the transformative impact of this record-breaking proposal is expected to echo in the years to come, solidifying Assam’s position on the map of burgeoning economic hubs in India.
Earlier, CM Sarma revealed exciting prospects for the state’s economic landscape, announcing that Tata Electronics, a Tata group company, is set to hire 1000 science graduates for its semiconductor facility near Bengaluru. He asserted that 2024 is poised to be a year of substantial industrial investment in Assam.
Highlighting Assam’s economic prowess, CM Sarma stated, “In 2023-24, Assam’s Gross State Domestic Product (GSDP) reached an unprecedented Rs 5.65 lakh Crore, reflecting a remarkable 14.7 percent growth. The advance estimate for 2024-25 suggests a GDP of 6.38 lakh Crore, and we have already achieved Rs 5.65 lakh Crore.”
CM Sarma remains optimistic about the state’s economic trajectory, projecting a monumental leap. “The way we are moving, Assam’s economy will reach Rs 10 lakh Crore by 2026,” he confidently asserted. Internal revenue collection has witnessed an 18 percent growth, with revenues reaching Rs 19,568 Crore by November in the ongoing fiscal year.
Emphasising the prevailing peace and stability in the region, CM Sarma disclosed that externally aided projects worth Rs 58,000 Crore are in the pipeline. He also indicated fruitful discussions with private players, anticipating mega investments in the coming year.
The year 2024 will be the year of industry and turnaround for Assam. Path-breaking mega-investments, including projects ranging from Rs 20,000 Crore to Rs 30,000 Crore by prominent industrial houses, are on the horizon,” Sarma revealed, showcasing the state’s appeal as a promising investment destination.
As Assam gears up for a transformative period marked by industrial advancements and economic prosperity, the collaboration with Tata Electronics serves as a testament to the region’s commitment to technological innovation and employment generation.
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