Guwahati, Sept 24 Assam Finance Minister Jayanta Malla Baruah on Thursday said that the state’s greatest resource for industrialisation is human resources, making it the best destination for investment currently.
Addressing the 13th SBI Banking & Economics Conclave at The Taj Mahal Palace, Mumbai, Baruah said the ongoing investment-led transformation must translate into quality employment, entrepreneurship and economic opportunities for the youth within the state.
“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,” the minister said.
The state has a young and increasingly skilled population with growing aspirations for quality employment and so the ”state’s industrialisation strategy is therefore closely linked to creating opportunities for young people within Assam as our children should be able to stay at home, work here and earn here instead of having to go to outside for employment,” he said.
“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.
The minister 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 whose impact would extend beyond the anchor investment to component suppliers, precision engineering, logistics, testing, specialised maintenance and MSMEs, thereby creating a wider ecosystem of employment and enterprise.
He also highlighted the Rs 778 crore PepsiCo India food manufacturing facility in Nalbari district, which he represents as an MLA.
Referring to the emergence of such investment in an area that had earlier experienced insurgency and instability, Baruah said this development reflects the changing economic environment in Assam and such projects can create opportunities for farmers, MSMEs, transporters, warehousing, packaging and service providers.
On investment mobilisation, the Finance Minister said Advantage Assam 2.0 generated investment commitments of approximately Rs 5.18 lakh crore.
”The immediate focus is now on converting investment commitments into projects on the ground by reducing approval timelines and transaction costs and strengthening institutional support for investors,” he said.
He said the state government has proposed a Rs 2,000 crore Assam Industrial Momentum Fund and a High-Powered Industrial Promotion Board to further strengthen industrial promotion.
The minister urged for greater participation of banks in Assam’s growth process, and financial support should extend beyond major anchor investments to the wider ecosystem of MSMEs, vendors, transporters, component manufacturers and service providers that develop around such projects.
He particularly emphasised the need for cash-flow-based lending for first-generation entrepreneurs.
He said banks could make greater use of verified digital trails, including GST data, digital payments, Udyam registration and invoices, to assess businesses and reduce excessive dependence on traditional collateral.
The Finance minister said Assam’s economic strategy rests on a synergy between government, industry and finance, with the government creating an enabling environment, investors building productive assets and banks providing the financial bridge that converts opportunities into economic activity.
“Assam today has economic momentum, a growing investment pipeline, improving infrastructure and a stronger institutional-credit environment. But above all, we have our people — our human resources — who must ultimately become the greatest beneficiaries and drivers of this transformation,” he said.
Earlier, Baruah, in a social media post, said that he was asked at the SBI conclave in Mumbai about what is Assam’s Unique Selling Proposition (USP).
”For decades, the obvious answers were tea and oil. Today, Assam’s strength lies in diversifying beyond these traditional sectors without compromising them, backed by a very credible and capable human resource base,” Baruah said in a post on X.
From semiconductors to a growing start-up economy, Assam is rapidly opening its doors to new opportunities, backed by business-friendly reforms and single-window clearances, under the stewardship of Chief Minister Himanta Biswa Sarma, he said.
“Assam’s greatest resource for industrialisation is Human Resource and that makes Assam the best destination for investment right now,” the minister said
The focus now is clear: ”creating the right environment for enterprise and investment, a priority that has remained at the heart of Hon’ble CM Dr Himanta Biswa Sarma’s vision for #ViksitAssam,” he added.
(PTI News)
