Incentives for NE industries to continue
Source: The Sangai Express / Courtesy TNN
Guwahati, December 05 2015 :
After almost a year of anxiety, the industry sector in the Northeast has something to cheer about.
The Union Ministry of Finance has made it clear that industrial units set up in the region will continue to avail incentive packages, in-cluding excise duty exemption, even as the North East Indus-trial and Investment Promotion Policy (NEIIPP), 2007, remain suspended.
The Ministry, through a notification on Wednesday, has informed that though fresh registration of industrial units under NEIIPP, 2007, has been suspended, the package of incentives will be available.
The notification also clarified that new units or units undertaking substantial expansion after 01.12.2014 and up to the cut-off date of 31.03.2017 shall continue to be eligible for excise duty exemption.
In December last year, the Centre, through a directive, had suspended fresh registration of industrial units under NEIIPP, 2007, prompting criticism from industrial bodies in the region.
Even Chief Ministers of the Northeast, including Tarun Gogoi, termed the suspension as a setback to industrial growth in the region.
Gogoi on Friday said he will continue to fight for reintroduction of NEIIPP, 2007, and special category status of the Northeast.
The Federation of Industry and Commerce of North Eastern Region (FINER), one of the largest industrial bodies in the region, had said an investment to the tune of Rs 30,000 crore got affected following suspension of registration of all new units under NEIIPP, 2007 .
FINER, however, welcomed the Ministry's notifi- cation for continuing with the incentive packages under NEIIPP, 2007, saying that it has removed confusion from the minds of investors.
"We welcome the move.
Following the suspension of registration under NEIIPP, 2007, there were lot of confusion in investors' minds.
There was apprehension, too that the units will be deprived of the incentives.
Now, there is clarity after the Ministry's latest notification," said Finer chairman RS Joshi.
Joshi said FINER has been spearheading the restoration of NEIIPP, 2007, by raising the issue with various stake-holders.