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National, February 12, 2024: The recently concluded three-day PRIME MeghaPreneur Expo 2024 at SRGT Polo Grounds heralded a new era of entrepreneurship in Meghalaya. The event, graced by the esteemed presence of Hon’ble Chief Minister, Shri Conrad K Sangma, showcased the state government’s steadfast commitment to fostering entrepreneurial talent and economic growth.
In his address, Hon’ble Chief Minister of Meghalaya, Shri Conrad K. Sangma reiterated the government’s vision to empower, engage, and employ the youth of Meghalaya through the promotion of entrepreneurship. He highlighted the ambitious CM-ELEVATE program, encompassing 14 schemes spanning sectors such as agriculture, animal husbandry, tourism, sports, wellness, entertainment, and more, catering to the diverse needs of urban and rural communities. The event culminated with a series of awards ceremonies, including presentation of the CM-ELEVATE Award.
Hon’ble Chief Minister Shri Conrad K. Sangma stated, “Our mission is to acknowledge and support as many entrepreneurs as possible, thus laying the foundation for a vibrant entrepreneurial culture. Through initiatives like CM ELEVATE, most progressive entrepreneurship program, we aim to provide substantial support, offering upto 75 percent subsidy and comprehensive assistance to nurture business growth, logistical support and administrative support.”
During his speech, Hon’ble Chief Minister highlighted the government’s substantial support of approximately Rs 23 crores to assist 71 entrepreneurs in the first phase across various sectors. Notably, 57% of these entrepreneurs hailed from the agriculture sector, while others represented tourism, sports and wellness, and common facility centre.
Among the 71 entrepreneurs, the Meghalaya Sports and Wellness Scheme, under which entrepreneurs can start business endeavours with project cost upto Rs 3 crores, received a subsidy of 35 percent, benefiting nine entrepreneurs of the state. Similarly, seven entrepreneurs received the Common Facility Centres (CFCs) with subsidy of 75 percent on the project cost upto Rs. 40.22 lakhs, and 15 entrepreneurs were benefited from the Meghalaya Agriculture Warehouse Scheme with subsidy of 75 percent on the project cost upto Rs. 72 lakhs.
The Prime Agriculture Response Vehicle initiative under which 25 entrepreneurs from agriculture sector received 50 percent subsidy to buy any vehicle from the multiple options such as pickups, medium sized trucks and refrigerated trucks. Additionally, under the Prime Tourism Vehicle Scheme, 14 entrepreneurs were benefited to buy a luxury tourist taxi or a tourist bus with 50 percent subsidy on the vehicle cost. This is to be noted that first phase of these two vehicle schemes were already implemented last year with 113 and 50 entrepreneurs for agriculture and tourism, respectively.
Under the Meghalaya Motorcaravan Scheme, one entrepreneur received a government contribution of Rs 25 Lakhs, representing a 50 percent subsidy to buy a customized caravan upto the cost of Rs 50 lakhs. These allocations underscore the government’s commitment to fostering entrepreneurship and economic growth across diverse sectors in Meghalaya.
Expressing gratitude for the overwhelming support received from the people of the state, Hon’ble Chief Minister noted the program’s immediate success, with more than 29,000 entrepreneurs applying within the first two months of its launch. While the application process is closed for all the schemes launched in September 2023, the Meghalaya Sericulture and Weaving Scheme, which was launched in January 2024 is currently accepting applications.
As evaluations continue for remaining applicants, the government remains committed to fostering economic growth and youth participation across diverse sectors in Meghalaya through the CM-ELEVATE initiative.
Meghalaya’s journey towards development, epitomized by the CM-ELEVATE program, symbolizes a commitment to inclusive and transformative growth. As the state marches towards its goal of becoming a USD 10 billion economy by 2030, it sends a resounding message – development, when driven by entrepreneurship, can be both empowering and inclusive.