Centre expects Rs3 lakh crore investment in NE by 2020

Centre expects Rs3 lakh crore investment in NE by 2020

New Delhi: The Centre today said private sector investment proposal for the North-Eastern region has touched about Rs7,000 crore last fiscal and it expects the corporate investment to reach Rs3 lakh crore by 2020.

Minister for Development of North Eastern Region Mani Shankar Aiyar said that the Centre invested Rs80,942 crore in the region in the 10th Five Year Plan and it plans to invest around Rs2 lakh crore in the 11th Plan period.

Making a fervent appeal to the private sector to come forward in a big way to invest in the region, Aiyar said that the region’s GDP should grow over 10% to catch up with the rest of the country.

“The North-East region’s GDP need to grow at an average of 10%, 13.67% and 16.37% in the 11th, 12th and 13th Five Year Plan periods respectively to catch up with the rest of the country," he said, addressing a conference on investment in the North East.

He said that massive investments both from the public and private sector to the tune of Rs14 lakh crore was required to bring the economy of the region in par with the national level.

“Investment proposals received by all the eight states in the last four years amounts to Rs14,352 crore and going by this trend we could expect corporate investments of at least Rs2-3 lakh lakh crore by 2020," the Minister said.

However he identified as the single biggest lacuna the absence of adequate private sector investment in the region.

“While public investments will create enabling environment for corporate investments, private investments will play a crucial role for development of the region," he said.