The Meghalaya Government and the Indian Institute of Management (IIM) Shillong signed an agreement on July 17, aimed at encouraging collaboration for societal impact.
The agreement was signed in the presence of Chief Minister Conrad K Sangma, Chairman of the Board of Governors (BOG) of IIM Shillong, Shishir Kumar Bajoria, IIM Shillong Director DP Goyal, and Secretary Planning, Government of Meghalaya, Cyril D Diengdoh.
CM Sangma remarked, “It is a historic moment to sign this deal on a day where as a State we mark the death anniversary of a great freedom fighter, U Tirot Sing. This agreement has multiple angles, one of which includes the Chief Minister’s E-Challenge Business Plan competition, attracting over 2000 participants annually.
Approximately 100 participants are selected, each receiving seed money of 10 lakh rupees per idea along with a 50 lakh interest-free loan. However, there is a need to create an ecosystem at the college and institution level to foster a culture of entrepreneurship within the State and throughout the country. The government of Meghalaya is keen to support various entrepreneurship competitions, with IIM Shillong serving as a hub for such events.”
CM Sangma emphasised the State’s vision of transitioning towards a knowledge-based economy. He added, “Though it is very challenging, unless we have innovation in the economy, a government supporting the innovation, and the innovation becoming a business plan, this cycle of funds rotating – where innovation is funded by the government, becoming a business idea, and businesses paying taxes – creates a sustainable economic model. We are trying to emulate such successful models.”
He highlighted the importance of training and capacity building for State employees and members of the Autonomous District Council (ADC). “Training or capacity building for members of our ADCs is crucial because the district councils are an integral part of our structural system, land ownership, and cultural aspects,” he said.
This agreement marks the beginning of a collaborative journey between the Meghalaya Government and IIM Shillong, aiming to drive societal impact and economic growth through innovation and entrepreneurship.
