(1) The Government may, by notifications, constitute a "State Investment Committee" at state level which shall consist of the following members:
Sl. No. Members Designation (a) Chief Secretary Chairman (b) Senior most officer or authorized representative not below the rank of Secretary of Planning Investment Promotion & Sustainable Development Department Member (c) Senior most officer or authorized representative not below the rank of Secretary of Commerce & Industry Department Member (d) Senior most officer or authorized representative not below the rank of Secretary of Finance Department Member (e) Senior most officer or authorized representative not below the rank of Secretary of the concerned department for which Investment proposal will be discussed Member (f) Chief Executive Officer, Invest Meghalaya Authority Member (g) Director, Commerce & Industries Department Member (h) Director of the concerned department for which Investment proposal will be discussed Member (i) Such number of member or members as may be notified by the Government from time to time Member
(2) The State Investment Committee shall be the Competent Authority at the State Level and exercise the following powers and perform the following functions, namely: -
(a) It shall carry out such other functions as may be assigned to it by the Governing Council or the High-Power Committee or Government;
(b) The State Investment Committee shall meet at least once in a month or as needed, at such place, as the Chairman of the Committee may decide, for performance review of the District Investment Committee and Invest Meghalaya Authority and for providing necessary recommendations where required;
(c) To meet at such times and places as the Chairman of the Committee may decide and shall transact business as per the procedure as may be prescribed;
(d) To invite competent authorities or expert or officials from other departments, who are not members of the Committee, as special invitees for any meeting as desired by the Chairman of the Committee;
(e) The Member of the State Investment Committee shall attend the meeting convened under clause (b) and in case he is unable to attend the meeting, he may depute an officer not below the rank of Joint Secretary to take appropriate decision in the meeting;
(f) Such other powers and functions as may be prescribed from time to time by Government or Governing Council or High-Power Committee by rules under the Act;
(g) The State Investment Committee for Investments shall give in principle approval referred to it for investments more than one crore rupees to ten crore rupees;
(h) State Investment committee shall grant approval of financial incentive packages for large, medium, small and micro projects under Industrial Policy or Sector specific Policies.