Economic investment in Shillong indicates "tardy" prospect, Jacob

Shillong, Oct 16 (UNI) The economic and investment climate of the capital does not indicate a bright prospect, Meghalaya Governor M M Jacob said.

Addressing the 7th Professor Barrister Pakem Memorial Lecture at St Edmunds' College here today, Mr Jacob said there was a spectacular growth of Banking activities with large number of branches of various Banks.

In terms of deposit mobilisation, he observed that Shillong seemed to be overbanked, but the credit absorption was much low.

Mr Jacob said all this happened because the industrial activities and investment are limited to the traditional small scale industries with limited capital investment.

Though spatially they are evenly distributed and following a linear pattern, the Governor said there is seldom an authority to control the unplanned growth of small scale industries.

Stating that working class trade unionism could not grow in Shillong excepting in government establishments, Mr Jacob said trade unionism is also yet to make an impact on social, economic or political life of this city.

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