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Government announces Rs 3,000 crore North-East Industrial Development Scheme

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North-East Industrial Development Scheme

To motivate the setting up of Micro, Small and Medium Enterprises in Northeastern region, and the Central Government has announced a Rs 3,000 crore North-East Industrial Development Scheme (NEIDS). Through this new scheme, employment opportunities will also be created.

“MSMEs comprise the biggest chunk of industrialisation in the northeast and so the focus of this scheme is on this sector. This sector is also the biggest creator of employment,” said Assam’s Commerce and Industry Minister Chandra Mohan Patowary.

The scheme is an advanced version of Northeast Industrial Investment Promotion Policy (NEIPP) which was suspended in 2014.

The transport subsidy which used to be provided for public and private sectors has also been scrapped.

“The new policy has plugged all loopholes. It does not provide any subsidy on road transport subsidy. Instead, subsidy is being given to transportation of finished products by railways (20%), waterways (20%) and perishable goods by air (33%) within the boundaries of the country,” added Patowary.

An investor can avail benefits upto  Rs 200 crore in terms of exemption and subsidies per unit and any unit which is registered between April 1, 2017 and March 31, 2020 will be eligible to avail these benefits for a period of five years, under the scheme.

Some of the incentives are  reimbursement of 58 per cent of income tax and 58 per cent of CGST and IGST from the date of commencement of production.

Provision for 100 per cent  reimbursement of insurance premium on insurance of building, plant and machinery for five years from the date of commencement of commercial production by the unit is also there.

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