Northeast Desk, 18th July: The Meghalaya government and the Indian Institute of Management, Shillong (IIM-Shillong), sealed a landmark Memorandum of Understanding (MoU) on July 17, aimed at fostering collaborative efforts to drive societal impact.
The MoU signing ceremony, graced by Chief Minister Conrad K Sangma and Chairman of the Board of Governors at IIM Shillong, Shishir Kumar Bajoria, underscored the state’s commitment to leveraging innovation and entrepreneurship for economic growth. Also present were IIM-Shillong Director D.P Goyal and Meghalaya’s Secretary of Planning, Cyril D Diengdoh.
Chief Minister Sangma highlighted the significance of the occasion, coinciding with the death anniversary of freedom fighter U Tirot Sing, emphasizing the MoU’s multifaceted objectives. These include the Chief Minister’s E-Challenge Business Plan competition, which annually engages over 2000 participants, offering substantial support through seed funding of ₹10 lakh per idea and interest-free loans of up to ₹50 lakh. The initiative aims to cultivate a robust entrepreneurial ecosystem within Meghalaya, with IIM Shillong envisioned as a pivotal hub for fostering such initiatives.
Sangma articulated the state’s vision to transition into a knowledge-based economy, stressing the integral role of innovation in driving sustainable development. He emphasized the cyclical nature where government support for innovation leads to viable business plans, thereby contributing to economic growth and revenue generation through taxation, which in turn funds further innovation.
In addition, Sangma highlighted the imperative of training and capacity building for state employees and members of the Autonomous District Councils (ADCs). He underscored the pivotal role of ADCs in governance, particularly in managing land ownership and preserving cultural heritage.
The MoU between the Meghalaya government and IIM Shillong marks a pivotal step towards harnessing academic expertise and governmental support to propel socio-economic development across the state, fostering a culture of innovation and entrepreneurship.
Read More: Assam Flood Situation Improves, but Over 3.5 Lakh People Affected Across 11 Districts