NE industry body calls for exclusive investment policy for Northeast

Guwahati: The Federation of Industry and Commerce of North Eastern Region (FINER), a top industrial association of Northeast India, has called for an investment policy for NE to drive growth in the region.

The industry association on Thursday presented its views to NE members of parliament for a special investment policy, which was also attended by Union Minister for Industry and Trade Piyush Goyal.

The NEMPs Forum, headed by Union Law Minister Kiran Rijiju, said a special policy for the Northeast was needed to attract large investments in the region.

Feiner, who was represented by its Vice President Rajiv Agrawal, gave a detailed presentation on the need for a specific policy for the region. The presentation explained why a special policy for the Northeast is needed to attract large investments.

“Union Minister for Commerce and Industry Piyush Goel appreciated the views put forward by the team and assured the members that a new policy would be introduced recognizing the current issues in the region and the suggestions of the MPs,” the forum said. Said in a statement. Press statement.

It states that the NE needs to have a special policy because the cost of doing business is high and raw materials are imported and finished products are sold in regional markets where there are opportunities for export or movement outside the region. Are less Second, it is mostly a consumption economy with a small regional market with low purchasing power and low availability of capital in the region.

Under the Northeast Industrial and Investment Policy (NEIIPP) 2007, the share of investment in NER was 8.3% of the national share in 2017, while the percentage of national share of NER decreased to 0.02% in 2019 under Northeast Industrial Development. went. Scheme (NEIDS) 2017.

The association said it was looking for a stable policy period of 10 years and that it should be notified and implemented from April 1, 2022. This should be for the Northeast only.

“The benefits of the policy should be for 10 years. Concessions are based on the volume of work, which can only be gradually increased,” he said. Capital investment subsidy should be abolished.

In addition to the new units, existing units undergoing expansion / modernization should also be eligible for concessions. The association said more inland container depots are needed, investment in waterways needs to be attracted and stakeholder dialogue needs to be stepped up to formulate relevant policies and guidelines accordingly.

He said that NEIDS faces challenges like very strict procedures for registration, inspection, pre-audit objections etc. It should have been more easily invited to open investment like NEIIPP 2007.

“A long new negative list including cement, steel, etc. stopped investment. Policies like NEIDS were extended to Uttarakhand and Himachal Pradesh, so investors preferred locations near the mainland to cover large markets. The association said in its presentation.

It said the Tea Board of India’s headquarters could be shifted to Guwahati as Assam is the largest producer of tea in the country. In the Northeast, attractive incentives for tree planting can be enabled under rubber board, choir board, coconut board, spice board and coffee board.