IWAI and CSL to sign an MoU for ship repair facility at Pandu, Guwahati to boost MSMEs and local trade

A Memorandum of Understanding (MoU) is slated to be signed between the Inland Waterways Authority of India (IWAI) and Cochi Shipyard Limited (CSL) in order to facilitate the construction of a Ship Repair Facility at the Pandu Port in Guwahati, Assam, on the Brahmputra river.

The MoU will be signed in the presence of Sarbananda Sonowal, Union Minister of Ports, Shipping, Waterways and AYUSH. Himanta Biswa Sarma, Chief Minister of Assam will also be present.

ALSO READ

Ladakh to focus on new goals for tourism; unveils vision to promote local businesses

The Ship Repair Facility is being seen as an important milestone in the upliftment of local economies, especially the North East, as it will help in the transportation of goods though waterways, lead to employment generation, and promotion of trade among micro, small and medium enterprises (MSMEs).

It thus, gives a boost to the entire ecosystem in the North East.

At an event held on Tuesday at Dibrugarh, Sonowal said that the North East region has emerged as the growth engine of the country under the leadership of Prime Minister Narendra Modi.

He also said that under Modi's leadership, the region has witnessed economic, infrastructural, agricultural and other developments.

COVID-19 had brought the entire world to standstill. The first wave brought several uncertainties among the MSMEs. As the country started recovering from the impact of the first wave, the second wave struck like a tsunami. Apart from loss in demand, it resulted in enormous loss of life, leading to a more large-scale impact than the one caused by the first wave.

MSMEs contribute about 30 percent to the country's GDP and are also one of the largest generators of employment after agriculture. The focus of the government and policymakers, ever since, has been on helping the sector recover and grow so as to boost the overall economy.