Federation of Industry and Commerce of North eastern Region (FINER) welcomes the Central Government announcement of the North East Industrial Development Scheme (NEIDS). This scheme was long awaited, and much anticipated.
Talking to the media Finer President Pabitra Buragohain expressed satisfaction over the fact that Hon’ble Union Industry Minister Suresh Prabhu , Senior Officials of DIPP and the State Government officials of Assam had been engaging in regular consultations with the Industry fraternity, including FINER, on various aspects of the scheme, in order to plug the deficiencies in the earlier schemes, and come out with a scheme which could give a fillip to Industrial activity in the region, and create employment avenues.
The scheme which allows incentives both to the units that have commenced commercial production after 1/04/2017, and shall be for a period of five years, till 31.3.2022. The announcement by the Central government of a scheme to aid Industrial development in the North East, is especially laudable considering the fact that North East will now enjoy exclusive presence of the scheme, whereas across the country similar schemes have been discontinued.
Finer Vice president, Bajrang Lohia, appreciated the fact that the Central Government has announced the scheme exclusively for the North East, despite similar and intense pressure from other states like Andhra Pradesh. He thanked the Prime Minister, Narendra Modi for this. Further, he said that exclusivity of the scheme would ensure that it’s successful.
Both Mr Lohia and Mr Buragohain thanked the DIPP , Ministry of commerce, Government of India, the State Governments of the North East region, especially, the government of Assam led by Hon’ble Chief Minister of Assam, Sarbananda Sonowal, and ably supported by Chandramohan Patowary , Hon’ble Minister of Industry & Commerce, Ravi Capoor, Addl Chief Secretary Industry ably leading his team from the Industry department for their stupendous efforts in bringing out an benign scheme.
The new scheme has continued most of the schemes of the earlier NEIIPP, 2007 with changes and some limitations consequent on the announcement of GST. Certain interesting additional facilities like government of India to pay eligible unit, 3.67% of the employer’s contribution to the Employees Provident Fund (EPF) has been built in the scheme.
While the detailed notifications are awaited, the announcement of the scheme has enthused the investor community across the country, and abroad also. The real benefits of Advantage Assam, shall be now visible. The policy will ensure continuity and flow of investments in the coming months. The ultimate objective of Government of India’s Act East Policy, would fructify. The scheme is a golden opportunity for the investors, both within and outside North East, to take full advantage of the package of incentives which in turn would lead to benefits to the region.
It is also felt that industry , academia and the investors’ community have a joint responsibility to usher in an era of entrepreneurship development of the youth of the region so that the regular exodus of young talents from the region is arrested . Towards this objective, FINER is already engaged in several tie-ups, projects.