Northeast: A new era of investment opportunities
The northeastern region of India has seen a remarkable transformation becoming into a highly competitive investment destination, according to Union Minister Rajeev Chandrasekhar. In a recent interview with PTI, the Union Minister of State for IT, Skill Development, and Entrepreneurship highlighted the changes that have taken place in the region’s connectivity and economic prospects. In this article, we will explore the key developments and their implications for the future.
Improvement in connectivity
For years, limited connectivity had been a stumbling block hindering the growth of business, technology, and infrastructure in the northeastern region of India. However, the past nine years have seen a dramatic change in this regard. Now, it’s possible to swiftly reach any state capital in the Northeast from any part of the country. This shift in connectivity has unlocked a number of potential opportunities for the region.
Bridging economic gaps
The next phase of economic growth in the region involves job creation and entrepreneurship, both of which rely heavily on well-planned skilling initiatives. The question arises: How can the Northeast attract more investments and stimulate economic growth? The answer lies in nurturing a talented workforce and skilled entrepreneurs who can not only cater to domestic markets but also compete globally and attract investments.
Skilling
Skilling is crucial for the future growth and potential of Northeast India. Chandrasekhar stated, “In the next 10 to 12 months, we want to create 2.5 lakh world-class talented workforce in the Northeast. We hope that this will boost economic growth in the region by encouraging more investments which will change the whole regional economy.” Prime Minister Narendra Modi has consistently emphasized the importance of a skilled workforce in attracting investments.
Government initiatives
The Union government took a decision on August 8 to skill 2.5 lakh students in the Northeast at an expenditure of Rs 400 crore, which will be borne by the Centre. The role of state governments in this regard will be designing the required skills, establishing skill centers, and taking ownership of the skilling process. This initiative is set to create a talented workforce that can attract investments and generate employment opportunities in the northeastern states.
Change in education system
In the modern times, skills are equally important as educational degrees. The New Education Policy gives importance to skill development from class 6 onwards so that every student acquires essential skills and make them industry-ready. The NEP goes beyond political boundaries to provide a better future for students across all states of India including the northeast.
Entrepreneurship and technology
In the Northeast, there is a vibrant entrepreneurial culture. Skilling initiatives would empower self-help groups, farmer producers’ organizations and cooperative societies to access markets through digital platforms, branding and design. Successful entrepreneurs from the northeast are expected to boost economic activities aligning with the Prime Minister’s vision for economic growth.
Future vision
In current time, economic success lies in connecting entrepreneurs with technology. The synergy between IT and skill development gives young Indians the skills and chances in the technology field. With the region’s growing interest in artificial intelligence there is immense potential for further growth and development.
