Shillong: With the aim of creating synergies for seamless credit flow for business and economic growth in Meghalaya, a Round Table Session on “Increasing the Credit Flow in Meghalaya” was held here on Friday under the chairmanship of commissioner and secretary, finance, Government of Meghalaya, Vijay Kumar D.
The programme was organized by the State Government in collaboration with Invest India, the National Investment Promotion and Facilitation Agency.
Delivering the keynote address, Kumar said, “The vision of the Government is to make Meghalaya one of the top ten performing states in the country by 2032 and this can be achieved only through the existence of a strong, vibrant and thriving private sector which enables growth and creates jobs”.
Stating that the ‘blood flow’ of the private sector is credit, he stressed on the crucial role that banking sector and other financial services can play to create an enabling environment for the growth of the private sector.
Reiterating the need to reduce dependability on government schemes, Kumar said that people should not “shy away from taking credit” for the enhancement of their businesses and stressed on the need to leverage on the banking system and also urged the banking and financial services players to ease banking services.
Delivering the concluding remarks, Commissioner, State Investment Promotion, BDR Tiwari highlighted the importance of digital technologies, made available in a vernacular-based format, to increase financial literacy and awareness in the state, and emphasized on the vision to make Meghalaya “one of the top 10 states” by the next decade.
Vice President, Invest India, Varun Sood, delivering the welcome address shed light on the various state government initiatives that have been undertaken to support the entrepreneurs in the state.
He stated that ‘credit is the lifeline for the private sector’ and stressed on the importance of sustainable partnerships between the banks and the entrepreneurs for creating adequate demand-supply for credit in the economy.
The technical session witnessed participation from select banking and financial services players like HDFC, Meghalaya Rural Bank, Meghalaya Cooperative Apex Bank, SBI, North East Small Finance Bank, entrepreneurs from Meghalaya such as Urlong Tea, DD Spice Products, Country Spices, etc, cooperative societies such as Mendipathar Multipurpose Cooperative Society Ltd, Meghalaya Rural Tourism Cooperative Federation Ltd. and relevant government stakeholders, and regulators like RBI, NABARD.