Guwahati, Assam, 25th February – Assam is poised for a significant economic leap as "Advantage Assam 2.0," the state's flagship Investment and Infrastructure Summit, commenced with a resounding success, drawing in major investment commitments and setting ambitious targets for the state's future. Inaugurated today by Prime Minister Narendra Modi in Guwahati, the summit signals Assam's emergence as a dynamic investment destination, fueled by rapid growth, a skilled workforce, and strategic government initiatives.
The two-day summit, a follow-up to the successful "Advantage Assam" held in 2018, is being hailed as a pivotal moment for the state, aiming to unlock its immense potential and integrate it into the global economic landscape. Prime Minister Modi, in his inaugural address, underscored the growing global confidence in India and highlighted Assam's increasing contribution to the nation's growth story. He noted the remarkable doubling of Assam's economy from ₹2.75 lakh crore in 2018 to approximately ₹6 lakh crore today, emphasizing the "double engine" effect of coordinated governance at the state and central levels.
Unprecedented Investment Influx
The summit has already witnessed a groundswell of investor interest, with Memorandums of Understanding (MoUs) worth over ₹1.2 lakh crore already approved by the state cabinet even before the official inauguration. Projections indicate that the total investment generated from Advantage Assam 2.0 is expected to surpass ₹1.5 lakh crore, marking a monumental achievement for the state.
Among the most significant announcements were massive investment pledges from leading Indian conglomerates. The Adani Group committed to investing ₹50,000 crore across key infrastructure sectors in Assam, including airports, aero cities, city gas distribution, transmission, cement, and road projects. Reliance Industries Limited (RIL) Chairman Mukesh Ambani followed suit, pledging over ₹50,000 crore in investments in Assam over the next five years. Adding to the momentum, JSW Group Chairman Sajjan Jindal announced plans to expand the conglomerate's footprint in Assam's cement and energy sectors, reaffirming the company's dedication to the region's economic advancement.
Beyond these mega-investments, the summit also formalized 13 MoUs specifically within the Animal Husbandry and Veterinary Department, totaling ₹1,354.34 crore. This sector-specific interest from both national and global investors, including prominent names like Subhiksha Feeds & Farms Pvt Ltd., CPF India Pvt. Ltd., SS Poultries, and AMUL Dairy, underscores the diversification of investment interests in Assam. These investments are anticipated to be instrumental in bolstering employment opportunities, enhancing infrastructure, and fostering the growth of the animal husbandry industry within the state.
Assam: From "Disturbed" to "Peaceful" Investment Hub
Chief Minister Himanta Biswa Sarma, speaking at the inaugural function, painted a compelling picture of Assam's transformation, stating that the state has transitioned from being the "most disturbed" to the "most peaceful." He attributed this dramatic shift to improved law and order, the signing of numerous peace accords in the past decade, and the resolution of long-pending border issues. This newfound stability, coupled with proactive governance, has created a conducive environment for businesses to thrive.
Mr. Sarma highlighted Assam's impressive economic growth trajectory, projecting a GDP growth of 15.2% this year and an ambitious target of reaching a $143 billion (approximately ₹11.85 lakh crore) economy by 2030. He confidently asserted that this goal is achievable, driven by the state's talented populace and the government's unwavering commitment to creating a business-friendly ecosystem. He extended a strong invitation to investors, assuring them of the "best working and congenial atmosphere" for establishing industries in Assam.
Strategic Advantages and Sectoral Focus
Prime Minister Modi emphasized Assam's strategic geographical location, positioning it as a crucial gateway between South East Asia and India. To further leverage this advantage, the government has launched the North East Transformative Industrialization Scheme, 'Unnati.' This scheme is designed to accelerate industrialization, investment, and tourism across the entire North East region, with Assam at its core. The Prime Minister urged industry leaders to capitalize on the 'Unnati' scheme and Assam's "unlimited potential."
The summit spotlighted several key sectors as drivers of Assam's economic growth. Infrastructure development remains a central focus, with significant investments earmarked for improving connectivity and logistics. The Prime Minister pointed out the rapid pace of infrastructure development in recent years, citing the construction of four new bridges over the Brahmaputra River in the last decade, compared to just three built in the 70 years prior to 2014.
Beyond infrastructure, the summit emphasized Assam's potential in emerging sectors like semiconductor manufacturing. The Prime Minister noted Assam's growing importance as a semiconductor hub in India. This focus aligns with India's broader push to become a global manufacturing hub and reduce reliance on imports in strategic sectors.
The animal husbandry sector's strong showing at the summit also indicates a concerted effort to diversify Assam's economy beyond traditional sectors. The substantial investments in this sector promise to modernize agricultural practices, boost rural incomes, and create new avenues for employment.
Government's Commitment to Ease of Doing Business
The Assam government has actively worked to create a conducive investment environment by focusing on education, skill development, and streamlining business processes. Prime Minister Modi lauded these efforts, emphasizing the government's commitment to "Ease of Doing Business." He highlighted the creation of a complete ecosystem to promote industry and an innovation-driven culture.
The "Advantage Assam 2.0" summit is not just about attracting investments; it is about fostering long-term partnerships and creating a sustainable growth model for the state. The government's focus on infrastructure, skill development, and good governance, combined with Assam's inherent advantages, is setting the stage for a new era of economic prosperity in the region.
Looking Ahead: Assam's Vision for 2030
With ambitious targets and significant investment commitments secured, "Advantage Assam 2.0" has laid a strong foundation for Assam to achieve its goal of becoming a $150 billion economy by 2030. The summit's success reflects a confluence of factors: a proactive government, a stable and improving security environment, strategic geographical advantages, and a growing investor confidence in India's growth story.
As Eastern India, including the Northeast, is envisioned to play a crucial role in making India a developed nation by 2047, Assam is strategically positioned to be a key engine of this growth. The momentum generated by "Advantage Assam 2.0" is expected to propel the state forward, creating opportunities for its people and contributing significantly to India's overall economic progress. The summit serves as a powerful testament to Assam's transformation and its emergence as a promising investment destination on the national and global stage.
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