Shillong: The Indian Chamber of Commerce (ICC) submitted a comprehensive memorandum to Dr. Arvind Panagariya, Chairman of the 16th Finance Commission, on Saturday, outlining crucial recommendations to boost industrial and economic growth in Assam and the broader North-East region. Sarat Kumar Jain, Chairman of ICC’s Assam and Meghalaya Chapter, along with Ishantor Sobhapandit, Regional Director, ICC-North East, presented the memorandum.
The document highlighted the need for strategic financial interventions across key sectors to ensure Assam’s sustainable development. Key recommendations included:
The ICC called for special grants to upgrade the region’s industrial infrastructure, particularly in enhancing road and rail connectivity, ports, and power supply, with a focus on the North East Industrial Corridor. The memorandum also advocated for the development of inland waterways and multimodal logistics hubs to improve transportation efficiency.
To support industrial growth, the ICC recommended investing in the power transmission and distribution network, ensuring a reliable supply and minimizing power outages to meet the demands of local industries.
Recognizing Assam’s rich agricultural potential, the ICC proposed allocating funds to modernize agro-based industries. This would include updating technology, improving storage facilities, and establishing agro-processing units. Additionally, the memorandum emphasized the importance of incentivizing industries that align with circular economy principles to promote sustainability.
The ICC also urged for targeted incentives to support renewable energy development, including solar parks, small hydropower plants, and biomass energy production. It recommended additional investments in research and development for clean technologies to position Assam as a hub for green energy solutions.
Given the region’s vulnerability to climate change, the ICC recommended dedicated funding for climate resilience initiatives. These include flood control projects, strengthening embankments, and river management efforts. The chamber also proposed investments in climate-smart agriculture and infrastructure designed to withstand extreme weather events.
Highlighting Assam’s untapped resources, such as bamboo, oil, coal, limestone, and its favorable agricultural climate, the ICC stressed the importance of promoting value-added industries in agriculture, horticulture, and forestry. This includes sectors like bamboo processing, rubber, and tea. The memorandum recommended fostering public-private partnerships (PPP) to establish modern processing units for industries such as tea, spices, organic products, and natural gas. Additionally, it suggested tax incentives and grants for research and development to enhance resource utilization and drive innovation, particularly in environmentally sustainable industries.
The ICC emphasized the need for targeted funds to support Assam’s growing startup ecosystem. It suggested creating venture capital funds, incubators, and accelerators to drive innovation within the Micro, Small, and Medium Enterprises (MSME) sector, providing local entrepreneurs with crucial resources.
Considering Assam’s strategic location, the ICC advocated for financing cross-border trade infrastructure, including border markets, integrated check posts, and international trade routes. These initiatives would strengthen Assam’s economy and improve regional cooperation with neighboring countries.
In conclusion, the ICC urged the 16th Finance Commission to recognize Assam’s potential in agro-processing, renewable energy, and tourism, while ensuring financial support to address climate risks and infrastructure gaps. The memorandum emphasized that these recommendations would allow Assam to capitalize on its unique strengths, driving sustainable and inclusive growth across the region.
