Agencies

NEW DELHI, Mar 26:Union Minister of State for Development of North Eastern Region (DoNER) Dr Jitendra Singh has asserted that the North East Industrial Development Scheme (NEIDS) approved by the Union Cabinet would play a crucial role in promoting new industrial units in the region by providing several special incentives.

Interacting with industry and trade delegations from the Northeast in New Delhi on Sunday, Dr. Singh claimed that the Cabinet decision was yet another proof of high priority accorded by the Union Government and Prime Minister Narendra Modi to promote entrepreneurship and job opportunities in the Northeast.

Elaborating on the newly-announced NEIDS, the DoNER minister said, to begin with, a financial outlay of Rs 3000 crore had been earmarked. 

Under the scheme, a number of exclusive incentives would be available to new industrial units being set up in any of the eight States.  An important provision provided in the scheme was the Central Capital Investment Incentive for Access to Credit (CCIIAC) under which 30% of investments in industrial plant and machinery with an upper limit of Rs 5 crore would be provided as the incentive amount per unit.  In addition, he said, Central Interest Incentive (CII) would be available to the tune of 3% on working capital credit advanced by eligible banks/financial Institutions for first five years from commencement of commercial production by the unit.

Singh also referred to Central Comprehensive Insurance Incentive (CCII) that would provide for reimbursement of 100% insurance premium on insurance of building and industrial plants and machinery for five years from the date of commencement and commercial production by the unit.

Pointing out that NEIDS also gave relief on GST, the DoNER minister explained that a unique provision had been provided for reimbursement up to the extent of Central government’s share of CGST and IGST for five years from the date of commencement of commercial production by the unit. 

Besides this, he said there would also be incentive on transportation to the tune of 20% of the cost of transportation, including the subsidy currently provided by Railways/Railway PSUs for movement of goods by rail. 

On inland waterways, there would be 20% incentive for finished goods and, for transportation by air on perishable goods, it would be 30% of transportation cost from the airport nearest to the place of production to any airport within the country, he added.

Meanwhile, a Gossaigaon Bazar Samiti delegation led by Kokrajhar Lok Sabha member N Kumar Sarania submitted a memorandum to the DoNER minister, urging him to take up with Assam government the issue of interim financial assistance for the owners of 160 shops that were under construction at the supermarket complex at Gossaigaon town in Kokrajhar district.

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Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
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