What was announced
Finance Minister Jayanta Mallabaruah made these remarks while addressing the 13th SBI Banking & Economics Conclave in Mumbai on Thursday. He asserted that Assam is actively diversifying its economic base and is now developing new opportunities across a broad spectrum of sectors. These include semiconductors, electronics, food processing, tourism, logistics, renewable energy, healthcare, aerospace, and defence. Mallabaruah emphasized that the state’s young and increasingly skilled population presents a compelling case for investors. “Assam’s greatest resource for industrialisation is its human resource, and that makes Assam one of the most attractive destinations for investment today,” he said. The Minister stressed the government’s commitment to ensuring that industrial development translates into employment opportunities within the state, allowing its youth to “stay at home, work here and earn here instead of having to go to Bengaluru for employment.” The state government, under Chief Minister Himanta Biswa Sarma, is concentrating on enhancing infrastructure, improving human capital, introducing business-friendly reforms, and strengthening single-window systems to facilitate investments, Mallabaruah added.Why it matters
This policy emphasis is crucial for Assam, a state that has historically grappled with unemployment and the outward migration of its skilled youth in search of better opportunities. By focusing on high-value sectors, the government aims to create a robust job market that can absorb the state’s demographic dividend and retain its talent pool. The state’s economic performance has shown notable progress, with its Gross State Domestic Product (GSDP) increasing by 19.5% year-on-year in the fiscal year 2023. Projections for 2024-25 indicate a GSDP of Rs 6,43,089 crore, representing a 13% growth over the previous year. Assam’s per capita income for 2023-24 is estimated at Rs 1,35,787, marking a 123% increase over the last five years. These figures underscore a growing economic momentum that the new policy seeks to leverage for inclusive growth and employment generation. Chief Minister Himanta Biswa Sarma has also urged students and young job-seekers to prepare for emerging employment opportunities in sectors like semiconductors, Artificial Intelligence (AI), green energy, and advanced manufacturing, which he believes will drive Assam’s future job market.Background
Assam has been actively working to enhance its industrial landscape and attract investment over recent years. The state’s Industrial and Investment Policy of Assam, 2019, which replaced the 2014 edition, was designed to align with national development strategies such as Make in India, Startup India, and the Act East Policy. This policy was further amended in 2023 to offer customized incentives for mega investments, specifically targeting projects with a minimum investment of ₹100 crore. Under these policies, Assam has secured significant investments. Advantage Assam 2.0, an investment summit, generated commitments of around ₹5.18 lakh crore. The state has also seen tangible projects emerge, including an approximately ₹27,000-crore semiconductor facility in Morigaon and a ₹778-crore PepsiCo food manufacturing facility in Nalbari. The Morigaon semiconductor facility, a joint venture between the state government and Tata Group, is expected to create thousands of direct and indirect jobs. An Electronics City and Electronics Manufacturing Cluster are also under development at Jagiroad. The Assam government has also placed a strong emphasis on skill development to bridge the gap between educational qualifications and industry requirements. The Assam Skill Development Mission (ASDM), established in 2015, acts as an apex body for skill initiatives, aiming to provide quality skill training and promote entrepreneurship. Recent initiatives include the launch of 60 training centres across Assam to train 5,750 youth in 59 vocations and a collaboration with Tata Technologies to train two lakh youth in Industry 4.0 technologies. The Assam Skill University, a ₹1,000 crore project, is expected to be fully functional by 2025, aiming to upskill 10,000 youth annually. In August 2025, the Assam Cabinet approved a ₹600-crore skill development initiative to establish modern education and training centres across the state.Key details
The government’s industrial strategy is built on a foundation of cooperation between the government, industry, and the financial sector. The government’s role involves creating an enabling environment, while investors are expected to build productive assets, and banks are to provide the necessary financial support. Specific incentives under the Industrial and Investment Policy of Assam, 2019, and its 2023 amendment include State Goods and Service Tax (SGST) reimbursement, power subsidy, generating set subsidy, stamp duty reimbursement, and support for technology transfer and quality certification. For mega projects, customized incentives like capital investment/production-linked subsidy, power tariff subsidy, land subsidy, and employment/payroll subsidy are offered. The state is also focusing on improving its credit-deposit ratio, which rose from 41.10% in March 2016 to 73.52% in March 2026, indicating a stronger institutional-credit environment.Reactions
Finance Minister Jayanta Mallabaruah reiterated the government’s vision for employment-led growth.Chief Minister Himanta Biswa Sarma has consistently highlighted the government’s commitment to creating employment opportunities beyond the public sector.“Our children should be able to stay at home, work here and earn here instead of having to go to Bengaluru for employment,” Jayanta Mallabaruah said.
He also emphasised that the government had already surpassed its promise of one lakh jobs by providing over 1.64 lakh appointments through the State Level Recruitment Commissions (SLRC) over the last five years. The government has set a target of creating two lakh additional employment opportunities across the broader public sector ecosystem over the next five years, an initiative named “Nijuktir Natun Diganta.”“We will create jobs in different sectors and empower the youth,” Chief Minister Sarma said at a post-budget press conference in July 2026.