Aiyar calls for higher private investments in North East Region

New Delhi, Oct 14 : Union Minister for Development of North Eastern Regionani Shankar Aiyar today said that the North East Region's GDP need to grow at an average rates of 10, 13.67 and 16.37 percent in the XI, XII and XIII Five Year Plan periods respectively for it to catch up with the rest of the country

Speaking on the North-Eastern States Investment Mart -2008 here, Aiyaraid the massive investments both from the public and private sector in the region to the tune of Rs. 14 lakh crore is required to achieve the above objective.

"There is a need to invest at least an average of 1.42 per cent of India's GDP into the North East Region annually till 2020. 48.1 per cent of region's GDP would have to be contributed by investments from outside the Region over the next 12 years to achieve the goals of NER Vision 2020," he added.

He said the Government invested Rs. 80,942 crore in the NER during the X Five Year Plan. The Government is expected to invest approximately Rs. two lakh crore during the XI Five Year Plan. Government investments will be supplemented by investments by the public and corporate sectors.

"This is a clear indication of renewed interest shown by the corporate sector towards the NER after the announcement of the North East Industrial Investment Promotion Policy (NEIIPP), 2007 by Government of India," he added.

Aiyar urged the private sector to be more forthcoming with investments in the region given the potential.

The objective of the conference was to ensure speedy economic development through accelerating the pace of industrialization in the North Eastern States to bring North Eastern Region significantly visible in the industrial map of India and to provide an excellent platform for both the states as well as prospective investors to share information and investment plans and projects.

The conference offered the opportunities for one to one business meetings with the Chief Ministers or State Government officials at Investment Hubs.

The conference was attended by Okram Ibobi Singh, Chief Minister of Manipur, R.S.Sharma, Chairman and MD ONGC, Dr. K.K.Jajodia, Group Chairman, Assam Company Ltd. amongst others.

ANI