North East Bankers Conclave 2024

December 26, 2024

Union Home Minister Amit Shah addressed the North East Bankers Conclave 2024 in Agartala, Tripura, which aimed to encourage financial institutions to invest in the region’s development.

Importance of Economic Inclusion

Amit Shah told the necessity of economic growth across all regions and emphasized that the development of the Northeast is a national responsibility, urging bankers to view it as a vital opportunity for growth rather than a mere business venture.

Future Prospects for the Northeast

Shah expressed confidence in the Northeast becoming a key player in India’s overall development. He credited Prime Minister Narendra Modi for initiatives aimed at transforming the region into a gateway for economic progress. He called for enhanced financial inclusion and targeted investments in infrastructure, agriculture, and small businesses.

Infrastructure Improvements

Significant advancements in connectivity and trade have been achieved in the Northeast. The exchange of enclaves with Bangladesh has opened new trade routes through the Chittagong port. This development has notably reduced transportation costs for goods produced in the Northeast.

Banking Sector Successes

Shah brought into light recent achievements in India’s banking sector, including improved recovery rates of bad debts. He noted that public sector bank mergers have resulted in increased profitability. The Northeast is projected to experience a remarkable growth rate of 20% over the next decade, making it an attractive destination for investment.

Technological Advancements

The implementation of the Unified Payments Interface (UPI) has positively impacted the region. Many villages now enjoy 3G and 4G connectivity, facilitating digital transactions. Shah pointed out the vast potential for hydropower in the Northeast, which could provide affordable electricity to the nation.

Shah urged bankers to explore and invest in the Northeast’s potential. He encouraged them to contribute towards building a developed Northeast, which would, in turn, support the vision of a developed India.

GKToday Notes:
NEDFI: The North East Development Finance Corporation is a financial institution aimed at promoting economic development in Northeast India. It supports various sectors, including agriculture and infrastructure.
Chittagong Port: Located in Bangladesh, Chittagong Port is crucial for trade with Northeast India. The recent enclave exchange has enhanced trade routes, lowering transportation costs for Northeast products.
UPI: The Unified Payments Interface is a digital payment system in India. It has improved financial inclusion in the Northeast, enabling many villages to access 3G and 4G networks.
Hydropower Potential: The Northeast region of India possesses vast hydropower resources. These resources could provide affordable electricity, contributing to the nation’s energy needs and economic growth.

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