New Delhi, May 23 : Industry leaders on Friday hailed the Rising Northeast Investor Summit as a landmark initiative that could unlock the immense economic potential of India's northeastern region.

Vineet Nahata, Director at Power Gilt Treasuries, emphasised that the Northeastern region holds vast opportunities for growth and development.

'Thanks to the right policies of Prime Minister Narendra Modi's government, the region's true capabilities are now being realised. The summit aims to accelerate this growth by leveraging the region's natural resources and skilling potential,' he said.

Adding to the optimism, Tripura royal scion and founder of the Tipra Motha Party, Pradyot Bikram Manikya Deb Barma, said, 'If we can develop even 50 per cent of the Northeast's potential, it could become a major economic hub not just for India, but for the world.'

He noted that recent comments from Bangladesh, suggesting India's Northeast relies on it for maritime access, have been countered by the strong national support for investment in the region showcased at the summit.

Deb Barma also drew a regional comparison to highlight the strategic importance of the Northeast.

'While the West has countries like Pakistan and Afghanistan with limited development, the East boasts dynamic economies like Malaysia, Singapore, and Thailand. Continued focus on the Northeast could bring a transformational shift,' he added.

Harpreet Singh, President of the Northeast Transport Association, praised the combined efforts of the central government and the chief ministers of all eight northeastern states.

'With focused attention on roads and connectivity, the region is set for rapid development in the coming years,' he said.

The Rising Northeast Investor Summit was inaugurated by Prime Minister Narendra Modi, who described the Northeast as India's 'Digital Gateway'.

During his address, he also outlined the government's vision and achievements in education and skill development in the region.

'In the past decade, over Rs 21,000 crore has been invested in the Northeast's education system. We have built around 850 new schools, 9 new medical colleges, and established a campus of the Indian Institute of Mass Communication in Mizoram. Nearly 200 new skill development institutes have also been set up,' said the Prime Minister.

He underscored the cultural richness of the region, calling the Northeast 'a vibrant reflection of India's diversity.'

'From trade to tradition, from textiles to tourism, the diversity of the Northeast is one of its greatest strengths,' he added.

Prime Minister Modi reiterated that India is on its path to becoming a developed nation by 2047, and the growth of eastern India, particularly the Northeast, will play a crucial role in achieving that vision.

/IANS