MEGHALAYA TO AVOID GREEDY INVESTORS WITH NEW POLICIES

Meghalaya would regulate its investment policy by incorporating stringent clauses to discourage “greedy investors” taking advantage of subsidies provided by the Government.

Chief Minister, Mukul Sangma said that at least eight industries have violated norms of the State Industrial policy after availing a subsidy of Rs. 85. 28 crore. He said the Government would incorporate stringent clauses to stop such exploitation.

During his reply during Question Hour today, Sangma said the Government has formed a committee headed by the Commissioner Secretary of Commerce and Industries to investigate within 60 days into violation of the State Industrial policy. One of the provisions that the industrial units violated was not providing adequate number of jobs to the local population.

 “We would take action against the violators and won’t allow such greedy investors in the State. We would also regulate our investment by incorporating clauses in our Industrial policy,” Sangma vowed.

The reason for the greed of some of the fly-by-night operators is because Meghalaya provides several subsidies and incentives to attract investors under the State Industrial policy. These include subsidy on capital investment, excise, insurance, hill, transport and other attractive schemes to attract investors.

Admitting that several industrial units have set up their business in the State to avail the attractive subsidy of the Government, Sangma said, such exploitation has got to stop, which has continued for years.

Senior NCP leader, Purno Sangma pointed out that several industrial units have shut down after availing the incentives and subsidies. He demanded that a survey be conducted to know how many units have shut down after availing incentives and subsidies.

The Chief Minister agreed to the suggestion and said that any industrial unit which henceforth violate the industrial policy norms would not be allowed to set up future units in the State.

However, Mukul did not agree to demand from the Opposition to form a House Committee to investigate into such illegal operations of industrial units. He said the Government-constituted committee was competent enough to probe into such malpractices.