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Industrial Development & Economic Growth in Meghalaya

Last updated on Jun, 26 2020

Economic Snapshot
Per capita Income

 


Meghalaya is in the northeast of India. The state shares its border on the north and the east with Assam and on the south and the west with Bangladesh.

Meghalaya, with an average annual rainfall of 1,150 cm, receives the highest amount of rainfall in the country. The diverse range of soil types, including red-loamy and laterite, support various agricultural crops like rice, maize, pulses, oilseeds, cotton, jute, and mesta. The state has achieved success in the cultivation of non-traditional crops like tea, cashew nuts, oilseeds, tomato, mushroom, wheat, etc. During 2018-19^, the state produced 331.67 thousand tonnes of fruits and 74.26 thousand tonnes of spices.

At current prices, Gross State Domestic Product (GSDP) of Meghalaya reached Rs 0.93 trillion (US$ 5.47 billion) in 2019-20. State’s GSDP (in Rs) increased at a Compound Annual Growth Rate (CAGR) of 11.30 per cent between 2015-16 and 2019-20.

As of March 2020, Meghalaya had a total installed power generation capacity of 608.53 MW, comprising 354.53 MW from state utilities, 13.92 from private utilities, and 240.08 MW from central utilities. Of the total installed power generation capacity, 401.77 MW was contributed by hydropower, 160.31 MW by thermal power, and 46.45 MW by renewable power.

Passenger traffic at Barapani airport reached 30,552 during 2019-20. Aircraft movement at the airport stood at 691 during the same period.

According to Department for Promotion of Industry and Internal Trade (DPIIT), FDI (Foreign Direct Investment) inflows to Meghalaya** stood at US$ 122 million during April 2000 to September 2019. Total merchandise export from Meghalaya was around US$ 51.09 million in FY19. Merchandise export during April-December 2019 reached US$ 31.22 million.

Natural resources, policy incentives and infrastructure in the state favour investment across tourism, hydroelectric power, manufacturing, and mining sectors. Minerals and mining, agriculture and horticulture and tourism have been identified as the thrust sectors for industrial development.

Some of the major initiatives taken by the Government to promote Meghalaya as an investment destination are:

  • In Budget 2020-21, State Government sanctioned Rs 400 crore (US$ 57.23 million) under Pradhan Mantri Gram Sadak Yojana.
  • Under Budget 2020-21, the state Government has proposed an allocation of Rs 199 crore (US$ 28.47 million) for urban development.
  • Under Budget 2020-21, the Government has allocated a higher amount of Rs 1,050 crore (US$ 150.24 million) for the education sector.
  • Meghalaya ranked as the fourth best performer in the implementation of Swadesh Darshan scheme.
  • The state also has tremendous potential for tourism. Number of tourists visiting Meghalaya increased from 839,363 in 2016 to 1,216,454 in 2018.
  • Limestone production in Meghalaya stood at 7.19 million tonnes in FY19.

Note: MW - Megawatt, **- includes Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura

Meghalaya State Presentation

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Meghalaya Map

Meghalaya