GUWAHATI, Feb 25: Investment proposals worth over Rs 90,000 crore were signed on the first day of the Advantage Assam business summit on Tuesday, with the figure expected to increase substantially by the end of the two-day meet, a senior official said.
The MoUs pledging investment in the northeastern state have been signed with several top PSUs and private companies, while non-financial MoUs have been inked with foreign entities.
The agreements signed so far include a Rs 30,000 crore-pact with Tata Power, Rs 7,000 crore one with JSW Group, Rs 5,850 crore with Greenko Energies Pvt Ltd, Rs 5,000 crore MoU with Adani Total Gas Ltd, Rs 3,000 crore with PNB Investment Services Ltd and Rs 2,100 crore pact with Essar Group, he said.
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Among the PSUs that signed major MoUs during the day are OIL, pledging investment of Rs 23,300 crore, and an investment proposal of Rs 10,711 crore by the Numaligarh Refinery, he said.
“More than 30 MoUs have been signed so far and many more are likely to be signed in the next few hours. There are some major announcements tomorrow as well,” the state government official told PTI.
He said that private companies have signed agreements worth more than Rs 53,000 crore, while the state-run entities have inked pledges for pumping in over Rs 35,000 crore in Assam.
Earlier in the morning, asserting that it was a beginning of new era in the “sacred land” of the Northeast, Prime Minister Narendra Modi on Tuesday said the ‘Advantage Assam 2.0’ investment summit is a great campaign to connect the whole world with the possibilities and progress of the state that boasts an economy of around Rs 6 lakh crore.
“History is witness to the major role played by eastern India in India’s prosperity. Today, as we progress towards Viksit Bharat, these regions will display their true potential,” the PM said while inaugurating the Advantage Assam 2.0 Investment and Infrastructure Summit here.
“Assam’s contribution to the country’s growth is increasing and it now boasts an economy of around Rs 6 lakh crore,” he added.
The Assam government, he noted, is focusing on education, skill development, and fostering a better investment environment.
“In 2014, there were three bridges over the Brahmaputra, built over 70 years. In the past 10 years, four new bridges have been constructed and one of them is named after Bharat Ratna Bhupen Hazarika,” Modi said.
“Between 2009 and 2014, Assam received an average rail budget of Rs 2,100 crore. However, the current government has increased Assam’s railway budget more than four times, to Rs 10,000 crore,” he added.
Modi said more than 60 railway stations in the state are being upgraded and the first semi-high-speed train in the Northeast runs between Guwahati and New Jalpaiguri.
On air connectivity in Assam, the PM said until 2014, flights operated on seven routes. Now, nearly 30 routes are operational, he added.
“India is undergoing significant reforms across all sectors and levels of the economy. Continuous efforts have been made to enhance the ease of doing business, and a comprehensive ecosystem has been established to promote industry and a culture of innovation,” he said.
He highlighted that excellent policies have been introduced for startups, manufacturing through PLI schemes, and tax exemptions for new manufacturing companies and MSMEs.
He underscored that a combination of institutional reforms, industry, infrastructure, and innovation forms the foundation of India’s progress.
The PM said Assam is emerging as a gateway between Southeast Asia and India. “To further this potential, the government has launched the North East Transformative Industrialisation Scheme, Unnati,” he said. He urged industry partners to take full advantage of this scheme and Assam’s unlimited potential.
The PM said Assam’s natural resources and strategic location make it a preferred destination for investment. He cited Assam tea as an example of the state’s potential and said it has become a global brand over the past 200 years.
He emphasised that under the Make in India initiative, the focus is on promoting low-cost manufacturing in sectors such as pharmaceuticals, electronics, and automobiles.
“Assam has always played a role in global trade, and over 50 per cent of India’s onshore natural gas production comes from the state. Additionally, Assam’s refinery capacity has significantly increased in recent years,” Modi said.
He also pointed out that Assam is rapidly emerging in sectors such as electronics, semiconductors, and green energy.
“In the recent Budget, the Centre approved the Namrup-4 plant. This urea production plant will meet the demand of the entire Northeast and contribute to the country’s agricultural sector in the future,” he added.
He also highlighted India’s significant leap in electronics and mobile manufacturing over the past decade and expressed a desire to replicate this success in semiconductor production.
“Assam is developing into a key centre for semiconductor manufacturing in India. The recent inauguration of the Tata Semiconductor Assembly & Test facility at Jagiroad will promote technological growth in the Northeast,” he said.
He emphasised the collaboration with IITs for innovation in the semiconductor sector and the ongoing work on a semiconductor research centre in the country.
The PM said the value of the electronics sector will reach 500 billion dollars by the end of this decade.
He also said the country has set a target to add 500 GW of renewable energy capacity by 2030. “The government is working on a mission to achieve an annual green hydrogen production of 5 million metric tons by 2030,” he said. (PTI)
