Tripura targets Rs 40,000 crore investment proposals through July business conclave

The Tripura government is planning to organise a mega business conclave in July as it looks to attract more investment proposals to the northeastern state, an official said on Thursday.

The state has already signed 394 Memoranda of Understanding (MoUs) worth Rs 35,140 crore since 2022, while investment proposals valued at Rs 5,352 crore have been grounded.

Speaking at a press conference, Tripura Industries & Commerce Secretary Kiran Gitte said the state has completed all priority areas under deregulation phase II of the Centre’s national compliance reduction and deregulation initiative.

“Tripura has achieved a milestone by becoming the first in the country to complete all priority areas under deregulation phase II of the national compliance reduction and deregulation initiated by the Centre,” Gitte said.

The deregulation phase II of the national compliance reduction and deregulation focuses on reforms linked to permissions required for setting up industrial units and service sector ventures.

Gitte said the state has already strengthened its transport infrastructure to support industrial growth and investments.

“We have already put infrastructure — railway, national highway and airway — in place, which is required for pushing investment or industries. An investment-friendly atmosphere has been created in the state, leading to a growing trend in investment,” he said.

According to the official, the proposed conclave could attract investment proposals worth around Rs 40,000 crore based on responses from industry players.

“The government is planning to organise a mega business conclave in July to attract more investment to the state. Based on the feedback we are receiving from industrial players, the proposed conclave may fetch around Rs 40,000 crore investment proposals,” he said.

The Industries & Commerce department has also been conducting roadshows in major cities across the country to showcase Tripura’s investment potential and attract business leaders.

“The government is investing Rs 10,000 crore for physical infrastructure, and if we manage to bring in Rs 10,000 crore through private investment, it will increase the state’s GDP from 12 per cent to 16 per cent,” Gitte said.

He added that the government has already initiated steps to attract IT companies by leveraging the investment-friendly atmosphere in the state.

On the operationalisation of ‘Maitri Setu’ connecting Sabroom in Tripura with Ramgarh in Bangladesh, Gitte said the state government has written to the Centre and the bridge will become operational shortly.