SHILLONG, Aug 19 � Investors from different parts of India are willing to invest Rs 7000 crore in the North East, but land acquisition in the region has been a major hurdle towards realising this target.
Director General of Indian Chamber of Commerce (ICC) Ranjib Singh said here that �land acquisition in the region has been a major hurdle, especially in Meghalaya, which has its own land tenure system under the Sixth Schedule of the Indian Constitution.�
Singh, who is here with a business delegation of 120 investors, said that all the business delegates are trying to familiarise themselves with the ground situation of the region before seriously putting in their money here.
Investors in power, tourism, housing, steel and cement are holding discussions with different State Governments of the region. Singh said, investors were willing to put in their money especially in the power sector due to the region�s immense hydel power potential.
Deputy Chief Minister Bindo Lanong assuring the business delegates that they need not worry about the land tenure system in Meghalaya as there are enough provisions to accommodate serious investors. �There are adequate provisions to provide land to the investors, so you need not worry,� Lanong said to the investors at the 6th ICC Summit today.
One of the investors, Manish Lakhotia said, his company was looking forward in developing �affordable� houses for the masses. �What we are looking for is land and with the Deputy Chief Minster�s assurance we are all feeling confident,� Lakhotia said.
On the other hand, Singh assured that the investors were all serious players of the industry and the ICC would vouch for it. �Of course there are fly-by-night operators who try to take advantage of the subsidy for industries in the region, but the investors in the Summit are all serious industry players,� Singh added.