CII welcomes NEIDS


Dimapur, April 7: Confederation of Indian Industry (CII) has welcomed the new North East Industrial Development Scheme (NEIDS) 2017 which was approved by the Cabinet Committee on March 21 last. Under the new scheme the financial outlay of Rs.3000 crores upto March, 2020 has been announced.
“The eligibility of units which are getting benefits of one or more components of other schemes of the Government of India to be considered for benefits of other components of the NEIDS is a great move,” Mayank Jalan, Chairman, CII North East Council & Managing Director, Keventer Agro Ltd, said in a Press statement.
“The capping of benefits under all components of incentives up to a limit of Rs 200 crores a unit would ensure distributed capital formation throughout the region,” Jalan, said.
The Central Capital Investment Incentive for Access to Credit (CCIIAC); Central Interest Incentive (CII); Central Comprehensive Insurance Incentive (CCII) and the Income-Tax (IT) Reimbursement will benefit the micro, small, medium and large industries equally, he added.
“The truncated Transport Incentive (TI), covering only finished goods, is a positive move towards plugging the leakages linked to the NEIIPP. This will also encourage industries to utilize local raw materials for servicing the national and international market,” said Abhijit Barooah, Co-Chairman, CII North East Council & Managing Director, Premier Cryogenics Ltd. The perishable goods sector including agro – food processing, horticulture and floriculture are likely to benefit immensely form this incentive, he added.
The reimbursement of Central Governments share of CGST and IGST has brought clarity on the budgetary support under Goods and Service Tax (GST) regime to the units located in the north eastern states. “CII advocated this for a long time,” he said.
“The scheme which demonstrates the Central government’s commitment to the region’s welfare will immensely benefit the small and medium scale industries expected to add significantly to the job creation opportunities in the region,” he said.
The NEIDS provides adequate leverage for setting up of industries in the region. This coupled with the respective state government policies will encourage local entrepreneurs as well as established business houses to come forward to set up industries in the region.
(Page News Service)