The Union Cabinet has approved the Uttar Poorva Transformative Industrialization Scheme, 2024

New Delhi: The Union Cabinet chaired on Thursday approved the proposal for the Uttar Poorva Transformative Industrialization Scheme, 2024 (UNNATI-2024) for 10 years along with 8 years for committed liabilities at a total cost of Rs.10,037 crore.

Several incentives would be given to investors for setting up new units or undertaking a significant expansion of the existing units throughout the region. 

According to an official release, the scheme is proposed to be divided into two parts: Part A would cater to the incentives to eligible units (Rs 9,737 crores), and Part B is for implementation and institutional arrangements for the scheme (Rs 300 crores). While 60% of the outlay of Part A has been earmarked to 8 Northeast Indian states, 40% shall be given on a first-in-first-out (FIFO) basis.

"The proposed scheme envisages approximately 2,180 applications, and it is anticipated that direct employment opportunities of about 83,000 will be generated during the scheme period", said an official release, adding that a significant number of indirect employment is also expected to be generated.

Industrial units will be allowed to apply for registration from the date of notification up to March 31, 2026. They shall be encouraged to commence their production or operation within 4 years from the grant of registration.

The Department for Promotion of Industry and Internal Trade (DPIIT) will implement the scheme in cooperation with the states and implementation will be overseen by committees at the national and state levels.

The scheme's main objective is to generate employment for overall socio-economic development. Through this scheme, industrial development will be given a fresh thrust with an emphasis on job creation, skill development, and sustainable development by attracting new investments and nurturing existing ones. Renewable energy and EV charging stations will be given priority over sectors such as cement and plastics.

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