Guwahati: Industry leaders in the North Eastern States are waiting for a new industrial policy and are hopeful that Union Budget 2023-24 will fulfil their expectations.

Industry captain’s of the remote North Eastern states are expecting that there will be a special new industrial policy for the region which incentivise domestic or global investors to pump in funds in the business sector.

The North East Industrial Development Scheme( NEIDS), which expired on March 31 this year, has still not been renewed.
“We expect that finance minister Nirmala Sitharaman will announce a new industrial policy for the NER region for boosting industrialisation in the Northeast,” Chiranjit Chaliha, President of Guwahati Management Association told ABP Live..

Notably in absence of any special policy the share of investment in the NE under the North East Industrial and Investment Promotion Policy( NEIIPP) 2007, which was 8.3 per cent in 2017, has slipped to 0.13 per cent in 2021.

The Standing Committee on Commerce in its 175th report placed in the current session of the Parliament said: “The Department has not furnished any information regarding its continuation beyond the stipulated date. The Committee is of the view that the extension of the scheme for a longer time is crucial for the accelerated industrial development of the North Eastern Region and also to compensate for the disruptions in the implementation of the scheme during the last two years due to the COVID-19 pandemic. The Committee, therefore, recommends the department consult industry stakeholders and concerned State Governments for the extension of the scheme beyond April 1, 2022, so that new registrations can be granted to industrial units."

The Committee in its report says the State Governments of North East and specifically, the Federation of Industry & Commerce of North Eastern Region (FINER) have been expressing their strong dissatisfaction with the North East Industrial Development Scheme (NEIDS), 2017.

Speaking at the third North East Dialogue- an interactive meet with North East Members of Parliament on December 15 in New Delhi, Union Minister of Law and Justice Kiren Rijiju, also the chairman of NE MPs Forum, said he understands the growing need for new and better policy and how it can impact the growth and development of the region. He assured full commitment and support of the NE MPs Forum to push for a better policy and other development agenda for the Northeast.

The meeting was organised to discuss the policy dispensation; the need for attractive policies and investments in NE, the Startup ecosystem in North East India and other development imperatives required for the region to catapult the region to a higher growth trajectory.

As per data, a total of 530 new industrial units have been granted registration under NEIDS.

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