Shillong, Dec 14: The state government on Friday said the recent amendment of the Meghalaya State Investment Promotion & Facilitation Act (MSIPF), 2024, only allows the Invest Meghalaya Authority (IMA) to establish land banks specifically for industrial development. The question of direct purchase of land by any investor does not arise.
This came after there has been growing opposition from several quarters against the government’s decision to amend the MSIPF, 2024.
A statement issued by the Joint Secretary in-charge Planning Investment Promotion and Sustainable Development Department said that the Meghalaya State Investment Promotion & Facilitation Act (MSIPF), 2024 (Notification No. LL(B) 10/2024/61 dt. 14.03.2024) has been enacted to improve “Ease of Doing Business” in Meghalaya which will promote growth and create employment opportunities for the local youth.
It said that the Invest Meghalaya Authority has been created as a single nodal authority for investment promotion and facilitation, following the practices of other North Eastern states, as recommended by the Ministry of Development of North-Eastern Region (MDONER). This initiative is also in accordance with the mandate of the MSIPF Act, 2024, which was passed and approved by the State Assembly in March 2024.
“The recent amendment of the Meghalaya State Investment Promotion & Facilitation Act (MSIPF), 2024, only allows the Invest Meghalaya Authority to establish land banks specifically for industrial development. The creation of land banks is an ongoing development activity undertaken by several organizations in the state such as the Meghalaya Industrial Development Corporation (MIDC), Meghalaya Transport Development Corporation (MTDC), and New Shillong Township Development Agency (NSTDA),” the statement said.
It further maintained, “The question of direct purchase of land by any investor does not arise. Even for the development of industries, land will be provided as per the provisions of the Meghalaya Transfer of Land (Regulation) Act, 1971.”
“The Meghalaya Industrial & Investment Promotion Policy (MIIPP), 2024, has special provisions for providing employment opportunities in newly created industries. The clause 3.1.11 of MIIPP Policy, 2024 requires the industrial unit to employ 90% of local people in non-managerial & 50% of local people in managerial positions,” it added.
, 2024, only allows the Invest Meghalaya Authority (IMA) to establish land banks specifically for industrial development. The question of direct purchase of land by any investor does not arise.){kind=link}