PRESS NOTE
24 – 07 – 2023
MIZORAM ATTRACTS OVER 7100 CR WORTH OF NEW INVESTMENT
Mizoram has announced during the last five years (2018-19 to 2022-23) new investment projects in the state worth Rs.7118 cr and completed projects worth Rs.320 cr and the projects under implementation and or are at various stages of completion of Rs,1,33,078 cr according to the just concluded study conducted by the MSME Export Promotion Council and the Confederation of Organic Food Producers and Marketing Agencies (COII).
The study on “PROGRESSIVE MIZORAM: PRESENTS NEW VISTAS OF OPPORTUNITIES 2018-19 to 2022-23 was released here today by MSME EPC chairman Dr D S Rawat. While releasing the study, Rawat said, approximately 30,000 employment opportunities have been created and once the projects under implementation are completed, will add another 50,000 jobs, direct and indirect.
The state’s focus on organic and tourism promotion has been extremely helpful in providing sustainable livelihood and in promoting start-ups in the state.
The state’s economy has been continuously growing at an impressive rate with the tertiary or service sector leading the charge. Dr. Rawat said, that in 2022-23, the service sector contributed the lion’s share of 50.08 percent of the gross state value added (GSVA), followed by the industry at 25.09 percent and the primary sector, which comprises agriculture and allied activities at 24.83%, in 2023-24, the service sector is likely to register further impressive growth due to large number of start-ups in this sector.
However, with more than half of the state’s population deriving the greater part of their income from agriculture, faster growth in this sector is necessary to increase their income. The share of agriculture, forestry, and fishing has steadily increased over the years from 20.12 percent in 2011-12 to 24.83 percent in 2021-22. The primary sector contributed 25.93 percent, the industry sector 26 percent and the tertiary sector 48 percent in GSVA in 2020-21. The per capita income of the state, as per the economic survey for the fiscal year 2021-22 is Rs.1,75,896 compared to the previous year’s estimate of Rs.1,79,503.
The study observed that during 2021-22, the total bank credit went up to Rs.59821.6 million; agriculture Rs.5593.7 million, industry Rs.4683.8 million, transport operators Rs.1299.3 million, professional & other services Rs.3210.0 million, personal loans Rs.38631.8 million, trade Rs.5924.4 million, finance Rs.14.6 million and miscellaneous Rs.463.9 million, as against the total credit during 2020-22 of Rs.50633 million.
Indeed, Dr Rawat said, the hilly terrain of the state and transportation bottleneck has limited the scope for the development of large industries in Mizoram, MSME with tremendous scope of employment should be encouraged. Thrust be provided for those industries based on value addition of locally available resources such as bamboo and forest-based, processing of plantation crops, food processing & organic farming, handloom & handicrafts, textile-based, farm sector, animal husbandry, animal feed and poultry feed industries, tourism & hospitality, sport & sports-related services, sericulture and silk industries, mines & minerals, etc.
With the support of the Central government, the State government should create a dedicated fund to support the existing micro and small units struggling for survival particularly because of the pandemic-19, and also encourage alternative financial mechanisms to make timely, affordable finances available.
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