By our Staff Reporter
GUWAHATI, Nov 30: The Federation of Industry and Commerce of North Eastern Region (FINER) has said that the Centre should compensate the two years – from 2014 to 2016 – lapsed out of ten-year Northeast Industrial and Investment Promotion Policy (NEIIPP 2007).
“The Centre should renew the NEIIPP 2007 till March 2019 on pre-revised terms and conditions. The NEIIPP has had a full-fledged ten-year term which was suspended in 2014 due to budgetary constraints by the Centre. The resumption of registration for commencing commercial production was done just before four months for the policy to end in November 2016. It is practically impossible for large-scale investors to start producing within this stipulated time. It seems to be a calculated move to frustrate the policy. The resumption is practically of little or of no use as major projects in the pipeline will not be able to complete their projects or be able to commence production just before the end of policy in 2017,” FINER president Pabitra Buragohain said while taking to the newsmen in a press meet in the city today.
“The Central Capital Investment Subsidy (CCIS), which was helpful in procuring 30 per cent subsidy on investment in plant and machinery without any upper ceiling, should be restored instead of capping it up to only Rs 5 crore. The 3 per cent working Capital Interest Subsidy, which has been withdrawn, should be restored as was origilly notified in NEIIPP 2007,” Buragohain added.
It is worth mentioning here that the NEIIP 2007 has been the largest contributor to employment in the Northeast, besides agriculture. Approximately 50,000 direct and 2,00,000 indirect local employments have been generated due to implementation of the NEIIPP 2007 till now.