Shillong, July 18, 2024 — The Meghalaya government and the Indian Institute of Management, Shillong (IIM-Shillong), have formalized a significant partnership through a Memorandum of Understanding (MoU) signed on July 17. This collaborative effort aims to leverage innovation and entrepreneurship for comprehensive socio-economic advancement in the state.
The MoU signing ceremony, attended by Chief Minister Conrad K Sangma and Chairman of the Board of Governors at IIM Shillong, Shishir Kumar Bajoria, highlighted the strategic alignment of goals between academia and governance. Also present were IIM-Shillong Director D.P Goyal and Meghalaya’s Secretary of Planning, Cyril D Diengdoh.
Chief Minister Sangma emphasized the MoU’s pivotal role, coinciding with the death anniversary of freedom fighter U Tirot Sing, underscoring its diverse objectives. These include fostering the Chief Minister’s E-Challenge Business Plan competition, engaging over 2000 participants annually. The initiative provides substantial support through seed funding of ₹10 lakh per idea and interest-free loans up to ₹50 lakh, aimed at nurturing a robust entrepreneurial ecosystem within Meghalaya. IIM Shillong is envisioned as a central hub for catalyzing these initiatives.
Sangma articulated Meghalaya’s vision to transition into a knowledge-based economy, highlighting the role of innovation in sustainable development. He emphasized a cyclical process where government-backed innovation leads to viable business ventures, contributing to economic growth and revenue generation through taxation, which subsequently funds further innovation.
Additionally, Sangma stressed the importance of training and capacity building for state employees and members of the Autonomous District Councils (ADCs), emphasizing their critical governance roles in land management and cultural preservation.
The MoU between the Meghalaya government and IIM Shillong signifies a significant stride towards harnessing academic expertise and governmental support to propel socio-economic progress across the state. It aims to cultivate a culture of innovation and entrepreneurship, positioning Meghalaya as a beacon of development in the Northeastern region of India.