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Guwahati: One of the most sought-after locations for industries is Arunachal Pradesh.
The state has become an investor-friendly environment due to its advanced infrastructure, highly qualified workforce, advantageous location, progressive sectorial laws, and top-notch incentive programs.
The state's Ease of Doing Business Act has enhanced the business environment and drawn investments due to its multifaceted approach, including the implementation of a single-window clearing facility. This has resulted in the state's rapid growth, CM Pema Khandu has tweeted.
In order to draw in investment and foster economic growth, Arunachal Pradesh has approved a number of policies and amendments. These include the following: a Geographical Indication for the state's first yak milk product, "churpi," amendments to the State Industrial and Investment Policy to create an environment that is conducive to investment, and initiatives and programs to link startups with private investors to create a vibrant ecosystem for young entrepreneurs in industries like agriculture, art and crafts, weaving, cane and bamboo, horticulture, power, and mineral-based industries.
The state has one of the highest potentials for hydropower generation in India, with 2-4 MMT PA oil refinery potentials, 18% of the country's total hydrocarbon reserve in the surrounding area, 90 Mn MT of coal reserve in the Namchik, Namphuk, and Miaobum coalfields, and a proposed 61.4 km natural gas pipeline from Kumchai Oil Field to Kusijan. There is over 2800 million cubic meters of natural gas in the Kumchai oil field alone.
The government is working to extract additional minerals, such as dolomite, graphite, quartzite, limestones, fullers earth, etc., in addition to coal.
The state had a significant rise in tourist numbers every year, with 222,400 visitors in 2022 and 102,915 in 2021.
The Ease of Doing Business (EoDB) project aims to further promote a favorable business climate for both new and existing firms, industries, commercial institutions, etc. in the State of Arunachal Pradesh.
Around 7,000 MSMEs have registered on Udyam, 72 services have been onboarded on the EoDB site thus far, 28 out-of-date rules and regulations have been annulled, over 2,600 Unique Business Identification Numbers have been given, and self-certification for the issuance of trade licenses has been permitted.
The Planning and Investment Division, the nodal agency for EoDB, strives to facilitate the process of starting a business, registering property, labor compliances, infrastructure availability, financing and tax concerns, inspection reforms, and business departure.
About 2,288 licenses were applied for via the EODB portal; 21 departments were onboarded; and in 13 state districts, single window clearance for licenses, permits, NOCs, and auto-renewals was enabled.
There are a number of concessions and subsidies available, such as a 30% investment limit on plant and machinery, a 50% investment limit on plant and machinery for women entrepreneurs, an interest subsidy of 80% for micro, 50% for small, and 50% for medium-sized enterprises, a power subsidy of Rs 2 per unit, stamp duty exemption of up to 50% for all eligible new tourism units up to a maximum of Rs 25 lakhs, reimbursement of interest up to 80% on loans taken out for the construction of tourism unity, and a 100% subsidy on the fee payable for obtaining BIS/lSO/FSSAl/AGMAPIK/HALLMAPK/SI LK MARKZED Certification, all subject to a maximum of 20 lakhs per unit.
Additionally, investors have been offered specific tax breaks and subsidies in an effort to promote investment and strengthen the state's economy. Tribal members who make money in the state are also free from paying taxes.