Shillong, Nov 12: A one-day State-level conclave on “Unlocking Meghalaya’s Potential: Investment, Public Finance Efficiency and the Role of CMAs” was held at the State Guest House, Taraghar, Shillong, on Thursday. The conclave was organised by the Institute of Cost Accountants of India (ICMAI) in collaboration with the Commerce and Industries Department, Government of Meghalaya.
On the occasion, ICMAI also signed a Memorandum of Understanding (MoU) with Global University Eternal in the presence of the Institute’s President. The MoU is expected to strengthen institutional collaboration and enable the Institute to expand its reach through universities, particularly among student communities, by facilitating access to professional courses and joint academic programmes.
Speaking at the conclave, former IAS officer Peter Watre Ingty highlighted Meghalaya’s rich natural resources and economic potential, pointing to its tourism, mineral wealth, forests, organic agriculture and horticulture sectors. He noted that products such as pineapple, orange, ginger and Lakadong turmeric have gained recognition in domestic and international markets.
He also highlighted the State’s distinctive cultural heritage and Shillong’s reputation as the rock capital of the country, adding that Meghalaya has considerable opportunities for growth across tourism and hospitality, information technology, infrastructure, food processing, handloom and handicrafts, sericulture, weaving and renewable hydropower.
Referring to the State’s financial position, Ingty observed that Meghalaya continues to depend significantly on Central Government transfers and grants-in-aid, with its own tax and non-tax revenue accounting for less than 25 percent of total receipts. He noted that, as a special category State, Meghalaya benefits from favourable Central funding ratios, special capital assistance and externally aided projects.
He stated that State-funded schemes account for around Rs 25,000 crore, while Centrally Sponsored Schemes account for Rs 5,220 crore, with priority given to education, rural development, healthcare, entrepreneurship and skill development.
Emphasising the importance of efficient resource management, Ingty said Cost and Management Accountants could play a significant role in ensuring better utilisation of public resources through their professional knowledge and expertise. He, however, stressed that investment projects must take into account local sentiments and minimise their impact on the State’s ecology and natural environment.
Commissioner and Secretary B.D.R. Tiwari said Meghalaya was working towards becoming a USD 10 billion economy by 2028 and generating more employment opportunities under Mission 10. He described Shillong as an important centre in the Northeast and appreciated ICMAI for presenting the State’s economic prospects and development priorities in a concise and accessible format.
He said that under the leadership of Chief Minister Conrad K. Sangma, Meghalaya was working towards becoming a leading State within the broader national development framework. Despite its relatively small geographical size, he said, the State has enormous potential owing to its strategic location and available resources.
Highlighting water as a critical resource for the future, Tiwari said Meghalaya was blessed with abundant water resources, although ensuring availability during the lean season remained a challenge. He emphasised the need for effective and cost-efficient water management.
He further stated that Meghalaya was recording an economic growth rate of over 12 per cent, with its Gross State Domestic Product increasing by around 20 per cent over two years. He also noted that the State’s economy had more than doubled over the past decade.
Economic Adviser to the North Eastern Council (NEC) Secretariat, Sherry Lalthangzo, said the NEC’s Vision 2047 aims to raise Meghalaya’s per capita income from the present Rs 1.7 lakh to Rs 3.1 lakh through targeted interventions to strengthen livelihoods and economic opportunities.
She highlighted the potential of organic farming and region-specific agricultural products, including Lakadong turmeric from Meghalaya, ginger from Mizoram and pineapple from Tripura. She said the NEC was working in coordination with State Governments, Central Ministries, external agencies and private investors to promote economic development and livelihood opportunities across the region.
She also referred to a high-level committee comprising Chief Ministers of the Northeastern States, which is focusing on key sectors such as tourism, economic corridors and investment.
Executive Director of Asian Confluence, Sabyasachi Dutta, said Meghalaya was making significant investments in its future and highlighted the importance of preparing the younger generation to contribute to the vision of Viksit Bharat 2047 and Viksit Meghalaya.
He outlined ICMAI’s roadmap for 2026-27, which focuses on public financial management, performance audits and cost governance, alongside infrastructure, energy, manufacturing, supply chain competitiveness, MSMEs and entrepreneurship.
Dutta also highlighted the Institute’s initiatives to support MSMEs and startups through a dedicated promotion board and a handbook for Farmer Producer Organisations (FPOs), aimed at addressing challenges related to management and sustainability.
He added that the Institute’s specialised boards in agricultural cost management and banking, financial services, insurance and capital markets would help equip students with professional skills and improve employment opportunities in sectors such as fintech, banking and non-banking financial companies.
The conclave brought together representatives from government, professional institutions and other stakeholders to deliberate on strengthening financial management, expanding investment opportunities and harnessing Meghalaya’s economic potential for sustainable growth.
