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Mechanism for industrialisation

by Rinku Khumukcham
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The “Expression of interest” made by the Ministry of Commerce and Industries of the previous Government to establish additional industrial estates was heralded as a positive step towards the movement for industrialization of the state and was much applauded. The benefits these industrial estates will provide, if and when put into practice, is immense and far reaching. Dependence on imports and from outside the state for almost all of our daily requirements, save for miniscule percentage of certain basic things like grains, vegetables and other agricultural products has been eating into the fiscal resources of the state.
The initiative, keeping in view the Act east policy of the Indian Government, is, as the Minister for Commerce and Industries has stated, to tap the opportunities that will arise thereof, and to make the state an industrial hub for the rest of the country. What is of concern for the people in the country, and particularly for the state now, is that this evidently positive step might be shelved by the current Government, even while the country is curiously looking on, fingers crossed with the hope to witness the actual implementation- how earnest and committed the ministry will be in this regard. Another aspect that needs to be addressed, from the point of view of the general public, is the awareness of the benefits and possibilities these Industrial Estates offers for the prospective industrialists as well as the schemes, subsidies, tax holidays and other such incentives that can be availed from the government by the small and micro industries. Financial availability is a major factor in successfully developing an industrial set-up, more so in our cash- strapped state. A smoother, hassle free policy to make loans, grants and other financial aids be available in time will decide the future of these industries.
The grind and hurdles one is forced to go through for obtaining capital for any new venture, not to mention the compulsory personal “considerations” one has to provide the staffs and officials concerned, is the biggest deterrent for a majority of the public in their endeavor to set up a new enterprise. A dedicated financial house which can approve and speed up the funding process based solely on the merit and viability of the proposals being put up for financial assistance, and not based or influenced by personal considerations will go a long way in reducing the high rate of defaults in repayment of loans. Emphasis needs to be given in developing an atmosphere conducive to the development of small, micro and cottage industries which will act as the backbone for further industrialization. An incubation centre for the fledgling units is of vital importance to develop the practice of industrialization of our State. For the state to usher in a new era of industrialization, a concerted effort needs to be made by the government and the public to promote and participate which will come only when the general public is made aware of the full implications of such initiatives.
The end result: more stable society, increased financial discretion, increased economic opportunities, decreased social disruptions and anti-social elements to name a few.

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Imphal Times is a daily English newspaper published in Imphal and is registered with Registrar of the Newspapers for India with Regd. No MANENG/2013/51092


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