SHILLONG:
Vijay Kumar D, Commissioner and Secretary, Finance, Government of Meghalaya stressed on the importance of banking sector and other financial services to create an enabling environment for the growth of the private sector.
Delivering the keynote address, Kumar was speaking during the Round Table Session on “Increasing the Credit Flow in Meghalaya” held on Friday at Pine Wood Banquet Hall, Shillong.
Kumar said the vision of the government is to make the state one of the top ten performing states in the country by 2032 and this can be achieved only through the existence of a strong, vibrant and thriving private sector which enables growth and creates jobs. Stating that the ‘blood flow’ of the private sector is credit, he stressed on the crucial role of banking and other financial services for growth of private sectors. Reiterating the need to reduce dependability on government schemes, Kumar said that people should not shy away from taking credit for the enhancement of their businesses and stressed on the need to leverage on the banking system. He in turn also urged the banking and financial services players to ease its services.
Delivering the concluding remarks BDR Tiwari, Commissioner, State Investment Promotion highlighted the importance of digital technologies, made available in a vernacular-based format, to increase financial literacy and awareness in the state, and emphasised on the vision to make Meghalaya “one of the top 10 states” by the next decade.
Varun Sood, vice-president, Invest India, delivering the welcome address shed light on the various state government initiatives that have been undertaken to support the entrepreneurs in the state. He stated that ‘credit is the lifeline for the private sector’ and stressed on the importance of sustainable partnerships between the banks and the entrepreneurs for creating adequate demand-supply for credit in the economy.
The technical session witnessed participation such as select banking and financial services, entrepreneurs from Meghalaya, cooperative societies, relevant government stakeholders and regulators.
The programme was organised by the state government in collaboration with Invest India, the National Investment Promotion and Facilitation Agency with an aim to create synergies for seamless credit flow for business and economic growth in Meghalaya.