Northeast Development: A Vision for Growth
Union Home Minister Amit Shah recently addressed the North East Bankers Conclave 2024 in Agartala, Tripura. This event was organized by the North East Development Finance Corporation (NEDFI). Dignitaries present included Union Minister of Communications Jyotiraditya M. Scindia, Chief Minister of Tripura Professor (Dr.) Manik Saha, Chief Minister of Arunachal Pradesh Pema Khandu, and Union Minister of State for Northeast Development Dr. Sukanta Majumdar, among others. The conclave aimed to discuss the economic development of the Northeast region and the role of banking in this process.
Economic Development as a National Responsibility
In his address, Amit Shah emphasized the importance of economic development for India, a nation of 1.4 billion people with diverse geographical conditions. He stated that the economic growth of every region, state, village, and individual is essential. Shah argued that until the economic development of all 140 crore citizens is achieved, India cannot be considered a developed nation. He defined a developed nation as one where every individual can support their family, has access to basic facilities, and contributes to the country’s growth.
Shah stressed that equal development is crucial for any country to progress. He urged bankers to view the Northeast not merely as a business opportunity but as a national responsibility. He highlighted that under Prime Minister Narendra Modi‘s leadership, the Northeast is poised to become a key player in India’s development over the next 25 years. Shah expressed confidence that the region would excel in infrastructure development, which is vital for economic growth.
Financial Inclusion and Infrastructure Development
During the conclave, Amit Shah called for a focused approach to financial inclusion and infrastructure development in the Northeast. He urged bankers to create separate financial parameters for agriculture, micro, small, and medium enterprises (MSMEs), and personal loans tailored to the region’s unique needs. He specifically mentioned that the State Bank of India should develop guidelines that reflect the current capacity and potential of the Northeast.
Shah highlighted the immense potential of the region, noting that it has become a gateway for India’s exports. He pointed out that recent changes, such as the exchange of enclaves between India and Bangladesh, have improved connectivity. This has opened up new routes for transporting goods, significantly reducing transportation costs. As a result, products from the Northeast can now reach global markets more easily, enhancing economic opportunities for local businesses.
A Decade of Connectivity Revolution
Amit Shah reflected on the significant strides made in connectivity over the past decade. He noted that through initiatives led by ISRO, local resources are being utilized more efficiently. The government has also focused on achieving peace and stability in the Northeast, which is crucial for economic development. Shah mentioned that Prime Minister Modi has prioritized the region, visiting it 65 times in the past ten years and ensuring that central ministers spend considerable time there.
The Home Minister pointed out that the banking sector has undergone a transformation, with successful insolvency laws and recovery of bad debts amounting to 10 lakh crores. Public sector banks, which previously operated at a loss, have turned profitable, indicating a healthier financial environment. Shah projected that the Northeast is expected to experience an average growth rate of 20% over the next decade, making it an attractive destination for business investments.
Harnessing the Potential of the Northeast
Shah concluded his address by emphasizing that the Northeast holds vast potential that should not be viewed through mere statistics. He urged bankers to explore the region’s full potential and treat its development as a national responsibility. The Home Minister highlighted the importance of flexible financial policies and comprehensive support for various sectors in the Northeast.
He also mentioned the significant infrastructure projects underway, including a Rs. 27,000 crore semiconductor project by the Tata Group. This indicates that major industrial players are recognizing the Northeast’s potential. Additionally, Shah pointed out the untapped hydropower potential in the region, particularly from the Brahmaputra River, which could provide affordable electricity for the country.
Amit Shah’s address at the North East Bankers Conclave underscored the critical role of financial institutions in fostering economic growth in the Northeast. His vision for the region emphasizes collaboration, responsibility, and a commitment to unlocking its full potential for the benefit of all.
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