Meghalaya Witnesses Skyrocketing Economic Development

In terms of economic development in Meghalaya, the statistics are quite promising indeed. Meghalaya was reported as the fastest growing State in India as of 2013-14 which is more than 9.5% of growth witnessed by Madhya Pradesh for this period. Meghalaya notched up 9.7% as a growth rate which indicates growing economic development in North East Indiaand Meghalaya in particular. In fact, as per reports, there has been heartening economic development in Tripura and Arunachal Pradesh as well. To take the entire North East into perspective, the unemployment rates are quite low in the region. 12.8 million live below the poverty line in the region which is lower than Kerala at 12.9 million people alone. 

The 8 North Eastern States are witnessing rapid growth, particularly in terms of education. They are majorly dependent on agriculture although economic activities are taking time to accelerate. Meghalaya also had the second lowest rate of unemployment in the country with only 2.8% in the urban zones and 0.4% in the rural areas as of 2011-12. Needless to say, the figures have only improved since then. The Government is doing its best to accelerate economic development with better connectivity, infrastructure and the emphasis on tourism and agro-horticulture. Meghalaya gets India’s highest rainfall and there are several crops which do well here including jute, cotton, pulses, rice, oilseeds and so on. Bamboo is a major industry here with several prospects in the future. The State has been successful in cultivating oilseeds, cashew nuts, tea, mushroom, tomatoes and wheat. 

Other major sectors include fruits and spices along with medicinal plants. Meghalaya produces 8 out of the top 20 medicinal plants being traded in India as per reports. Meghalaya also has huge potential in terms of thermal and hydroelectric power in tandem with renewable power. There are ample deposits of quartz, limestone, coal, uranium and bauxite in Meghalaya. There are two National Parks along with opportunities in adventure tourism. There are three wildlife sanctuaries as well. There is IT and electronics which is growing steadily in Meghalaya along with horticulture and agro-processing. Education is also proving to be a sunrise sector. 

Meghalaya is one of the leading suppliers of flowers for consumer markets across the mainland along with being a large producer of bamboo. Hydroelectric power, tourism and education are other investment hotspots in Meghalaya. Weaving and handloom sectors also offer much promise for industries. There are several large production centres for handloom products. There are several weaving centres as well. Government initiatives for self-help groups and entrepreneurs and its unique partnerships with communities for eco-tourism projects have led to the creation of a more favorable environment for business and other economically sustainable activities. Going forward, even the health care sector will be a major employer since the Government is working on new Medical Colleges and other initiatives.