Saturday, Sep 24, 2022 07:45 [IST]

Last Update: Saturday, Sep 24, 2022 02:16 [IST]

Sikkim Investment Summit postponed to February 2023

GANGTOK, : Sikkim Investment Summit, which was scheduled to be held in November, has been postponed to February 2023. The change in the SIS schedule is seen on the lack of industrial policy in the State. The decision was considered in a review meeting chaired by chief secretary V.B. Pathak at Tashiling Secretariat on September 17.

The reason sorted in the meeting was: “In the absence of a Centrally-backed industrial promotion schemes such as North East Industrial Development Scheme (NEIDS), 2017 which ended on March 31, 2022 and a State industrial policy, the decision to postpone the Sikkim Investment Summit to the end of February 2023 was taken as it was anticipated that a new Scheme would be rolled out by then. However, the curtain raiser event would be fixed for November 2023 as scheduled.”

The review meeting, which had the attendance of Chief Minister’s chief economic advisor Mahendra P. Lama, suggested, "An industrial policy would be required to attract potential investment in the State. Commerce and Industries department must draw out sub-sectorial policies within the industrial policy for thrust areas like green industries, education and healthcare and wellness.” A timeframe of three months was given to draw up an industrial policy.

The chief secretary suggested, “A land policy along with the industrial policy would be required taking land regulations in the State with focus on private land banks where investors can set up their industrial units by drawing up a lease agreement with fixed rates.”

The recently constituted Sikkim Investment Board would be the apex body overseeing the Sikkim Investment Summit and facilitating investment into the State. A monthly review meeting would be necessary to ensure that all arrangements and policy interventions are in place, mentions the minutes of the meeting.

Meanwhile, Sikkim Chief Minister P.S. Golay continues to welcome delegations of potential business investors. On Friday, he met 24 such investors from the country as well as from Malaysia and the United States.

They submitted investment proposals to set up industries in sectors like in residential township development, amusement park, power transmission, hydroelectric projects, star category hotels, development of industrial park, apparel sector, craft beverages, education, IT enable services, diagnostic centres, poly clinics, tourism, coffee, cocoa, spices, bamboo, fruits and vegetable processing with a possible investment of Rs. 1,000 crore. The investors mostly insisted for land, adequate work force, labour policies and single window system for ease of doing business.

The Chief Minister highlighted that investor-friendly workforce, road and air connectivity, the rail connectivity which will commence from 2024 onwards, labour registration system for the labourers from outside the State, surplus availability of power for industrial sector. He also informed that township development, high-end hotels, amusement parks, convention centres and wellness tourism are potential sectors for investment in Sikkim.

Golay welcomed non-polluting industries to the State. The investors can have partnership projects with local entrepreneurs and start-ups to have mutual benefits, he said. The Chief Minister welcomed the proposals which will benefit the local people and stated that the government will extend all possible assistance for their initiatives.

The Chief Minister informed the investors that curtain raiser events will be organised in Delhi, Mumbai, Kolkata and Bengaluru to invite investors to the summit. He also directed the Industries department to speed up the process of making single window system as well as industrial policy for facilitation of industries in Sikkim.

During the meeting, a Memorandum of Understanding was signed between Commerce & Industries department and National Institute of MSME, Hyderabad for the development of clusters, entrepreneurship development programme, and the promotion of macro and micro industries. The MoU is for facilitation of training to the officials, beneficiaries, development of Incubation facilities, training facilities, development of cluster projects for local artisans and entrepreneurs.

The Chief Minister insisted that National Institute of MSME should involve in skilling of local youth to develop their business to international standards, relaxation of MSME scheme guidelines as per State requirement not as per the population density.

Sikkim at a Glance

  • Area: 7096 Sq Kms
  • Capital: Gangtok
  • Altitude: 5,840 ft
  • Population: 6.10 Lakhs
  • Topography: Hilly terrain elevation from 600 to over 28,509 ft above sea level
  • Climate:
  • Summer: Min- 13°C - Max 21°C
  • Winter: Min- 0.48°C - Max 13°C
  • Rainfall: 325 cms per annum
  • Language Spoken: Nepali, Bhutia, Lepcha, Tibetan, English, Hindi