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North East Industrial Development Scheme (NEIDS)

Posted on December 7, 2021 by admin1  2094

In Context

  • Till end-October 2021, a total of 391 new industrial units with a proposed total investment of Rs.2,631.19 crore have been granted registration under North East Industrial Development Scheme (NEIDS). 

About North East Industrial Development Scheme (NEIDS)

  • It has come into force with effect from 01.04.2017 for a period of five years. 
  • It covers eligible industrial units in the manufacturing and service sectors of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim to promote industrialization and boost employment and income generation.   
  • Various benefits provided under the scheme include:  
  • Central Capital Investment Incentive (30% of the investment in plant & machinery with an upper limit of Rs. 5 crores).
  • Central Interest Incentive (3% interest on working capital for 5 years)
  • Central Comprehensive Insurance Incentive (Reimbursement of 100% insurance premium for 5 years).
  • Income Tax Reimbursement of centre’s share for 5 years
  •  GST reimbursement of Central Govt. share of CGST & IGST for 5 years
  • Employment Incentive under which additional 3.67% of the employer’s contribution to EPF in addition to Govt. bearing 8.33% Employee Pension Scheme (EPS) contribution of the employer in PMRPY 
  • Transport incentive on finished goods movement by Railways(20% cost of the transportation), by Inland Waterways Authority (20% of the cost of transportation) & by air (33% of cost transportation of air freight) from the station/port/airport nearest to unit to the station/port/airport nearest to the destination point. 

Other related initiatives 

  • Northeast Desk: Under the Department for Promotion of Industry and Internal Trade, a dedicated Northeast Desk has been set up within Invest India,  which supports the Northeast  States in their outreach activities to the investors as well as in facilitating and handholding select companies.  
  • In collaboration with the NITI Aayog, the ‘NITI Forum for North East’ constituted for accelerated, inclusive and sustainable development in the North East Region has identified 5 focus sectors, viz. Tea, Tourism, Bamboo, Dairy and Pisciculture.
  • Under the Swadesh Darshan Scheme of the Ministry of Tourism, sixteen projects with themes of Heritage, Wildlife, Spiritual, Tribal, Eco-adventure etc with the total amount of Rs.1,337.63 crore have been sanctioned.  
  • Under the Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) Scheme, the development of Kamakhya Devi Temple (Rs.29.99 crore) and Pilgrimage Facilitation at Nagaland (Rs.25.26 crore) and Meghalaya (Rs.29.31 crore) have been sanctioned. 
    • Further, Kaziranga National Park (Assam) has been identified under the Iconic Site Development Scheme.
  • In addition, various Pan-India Schemes are being implemented in the North Eastern States for their sustainable development, e.g., Jal Jeevan Mission, Atal Mission for Rejuvenation and Urban Transformation, Swachh Bharat Mission, etc. 

Source: PIB

 
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