Guwahati: The recently launched industrial policy, UNNATI 2024 has received steadfast support from the Indian Chamber of Commerce (ICC), along with industry bodies such as the Federation of Industries in the North East Region (FINER) and Laghu Udyog Bharati Purvottar Prant (LUB) who asserted that they are ready to play their roles in the success of this mission.

The policy is a 10-year initiative with an outlay of Rs 10,037 crores that aims to boost economic growth while striking a balance between growth and environmental conservation in the region.

A spokesperson for FINER lauded the cabinet's approval of UNNATI 2024 and termed it "a transformative step towards industrialization in the Northeast." It will catalyze industrial growth in the region and drive socio-economic development, he said.

ICC, representing businesses across the country, has endorsed the UNNATI 2024 policy because it incorporates several recommendations from the body and introduces the Capital Investment Incentive, offering benefits to new ventures and expanding units in the manufacturing and service sectors.

Sarat Kumar Jain, Chairperson of the Assam & Meghalaya Chapter at the ICC, praised the Capital Interest Subvention (CIS) component of the scheme. New and expanding units in both manufacturing and service sectors would be eligible for interest on loans up to the principal amount of Rs. 250 crore.

Jain also commended the Manufacturing & Services Linked Incentive (MSLI), stating that it would benefit first-generation entrepreneurs and the broader manufacturing and service industry. "The policy, differentiating between industrially advanced and backward districts, tailors incentives to promote development in less industrially advanced areas, encouraging investments and economic growth", he said.

Speaking to Business North East, Jain said that these incentives would act as a catalyst, "inviting investments into less industrially advanced districts and thereby boosting economic growth in the region."

"ICC believes that this initiative will not only strengthen the economic landscape of the North East but also create a conducive environment for sustainable industrial development," Jain added.

Laghu Udyog Bharati, Purvottar Prant (LUB), also welcomed the industrial policy for the Northeast, expressing gratitude to Prime Minister Narendra Modi for launching UNNATI 2024. LUB NorthEast Chapter Chairman Manoj G Lundia urged entrepreneurs in the region to "leverage the policy to its fullest extent and generate employment opportunities for the local population."

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