New Delhi, Feb 23 (IANS): Union Minister of Development of North East Region G. Kishan Reddy on Wednesday said that the North East Region is entering a new phase of development with several new opportunities emerging and that there is a need to make the most of this changing paradigm.

Reddy was addressing the 'North East MSME Conclave: Building Competitiveness for Leveraging Opportunities'. "The central government has remained committed towards empowering the MSMEs (Micro, Small & Medium Enterprises) and the recent budget has given a further push to make them more competitive. The MSMEs will play a critical role for the nation's economic growth over the next 25 years of 'AmritKaal'," he said.

Reddy highlighted that the North East Region has huge untapped potential when it comes to the MSME sector and opportunities in agriculture, food processing, tourism, mineral based industries, IT, infrastructure need to be explored. He also called upon all stakeholders to work together in coordination to make the most of the changing paradigm of development in the North East and promote the MSME sector.

Reddy hailed the MSME sector as the backbone of the economy and emphasised that on the journey towards Atmanirbhar Bharat, MSME's must take the lead. "There is immense potential for the MSMEs in Northeast - be it agriculture, food processing, tourism, mineral based industries, IT, infrastructure. This huge potential needs to be tapped for bringing about inclusive development in the region," he said.

The Union Minister emphasised that the central government has remained committed towards developing the North East Region and several measures have been taken in this regard.

"Recently announced Rs 1,500 crore Prime Minister Development Initiative for the North East (PM-DevINE) scheme will prove to be a bonus for the sector," he said.