Meghalaya Finance Minister Conrad Sangma on Monday said the Meghalaya Progressive Alliance (MPA) Government had proposed to frame a policy to attract and facilitate foreign direct investment (FDI) in the state.

Sangma, who is the youngest finance minister of Meghalaya, told the state Assembly during general discussion on the Budget: “We will have an open policy and open mind on private sector participation to ensure faster growth of economy of the state.”

Sangma said the Government would facilitate private investment in core sectors of development without compromising on “local issues and sentiments”. He said many private companies were interested in investing in the state in various sectors, including information technology, tourism, power and horticulture.

On the annual plan allocation made by the Planning Commission to the tune of Rs 1,500 crore, Sangma said it was 35 per cent higher than the previous year. He assured that the Government would endeavour to meet all the targets set by the Planning Commission.

Sounding optimistic about the 7.3 per cent growth target set by the Planning Commission, Sangma said Meghalaya would not only meet the target but would also touch a high of 8 per cent growth rate.