Guwahati, Feb 27: The second edition of Advantage Assam concluded on a high note, securing a staggering ₹4.91 lakh crore in investment proposals—nearly five times the amount garnered in its inaugural edition in 2018.

Chief Minister Himanta Biswa Sarma hailed it as a "defining moment" in Assam’s economic history, projecting the state’s economy to reach $143 billion by 2030.

Prime Minister Narendra Modi, who inaugurated the two-day investment and infrastructure summit on February 25, lauded Assam’s efforts to position itself as a premier investment hub for global industries.

The summit also exceeded expectations, attracting investments across diverse sectors beyond the state’s traditional strongholds of oil, natural gas, and tea.

A comparison with the first edition in 2018 highlights the immense progress made. The previous summit saw the signing of 200 Memoranda of Understanding (MoUs) worth approximately ₹1 lakh crore.

However, actual investments amounted to only ₹51,958.20 crore, primarily from Public Sector Undertakings (PSUs). Seven projects by NRL, ONGC, and OIL worth ₹1,621.64 crore, along with a private sector project by EPL Limited valued at ₹39.85 crore, were commissioned.

Despite these achievements, critics pointed to bureaucratic inefficiencies, inadequate post-event facilitation, and a lack of preparedness as key reasons for the shortfall in materialised investments.

Industrialist Sarat Kumar Jain highlighted slow project approvals and the underrepresentation of indigenous sectors like tea, handicrafts, and agriculture.

“Bureaucratic inefficiencies and slow approvals led to scepticism. The inability to follow up on numerous MoUs signed at the summit created a trust deficit, preventing projects from reaching fruition. Even though policies favourable for attracting investments were formulated, their implementation was inefficient and vague,” Jain said.

Former FINER chairman RS Joshi echoed similar concerns, pointing to the absence of rigorous follow-ups. “MoUs were signed, but investors, barring a few, were not serious about their commitments. The lack of follow-up resulted in very few materialising into actual projects,” he said.

Learning from the Past

Determined to avoid past pitfalls, the Assam government has introduced stricter scrutiny measures for Advantage Assam 2.0, approving only investments projected to materialise within the next three to four years.

This approach aims to create a more business-friendly environment by addressing bureaucratic delays and infrastructure gaps.

Before the summit even began, the government had rejected MoUs worth ₹45,000 crore after rigorous screening. The message was clear—Assam was open for business, but only for those serious about investing.

Applying a cautious approach, the Chief Minister said, “We scrutinised proposals before the event, and we will scrutinise them again. We will only work with genuine people.”

The successful commissioning of Tata’s semiconductor unit in Jagiroad and NRL’s bio-refinery facility serves as a testament to this renewed focus.

The government’s emphasis on policy execution, infrastructure enhancement, and continuous investor engagement will be critical in ensuring these investment proposals translate into tangible economic growth.

As Assam moves from being a historically dependent economy to an emerging contributor on the national stage, the lessons from Advantage Assam 1.0 will serve as a guiding framework.

The true success of this ambitious summit will ultimately be measured by the state’s ability to convert MoUs into operational projects, paving the way for a transformative economic future.