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NE industry body lauds Union Cabinet for approval of scheme

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Guwahati, March 8: The Federation of Industries in the North East Region (FINER), the apex body representing industries in the Northeast, has lauded the Union Cabinet for approving the ‘Uttar Poorva Transformative Industrialisation Scheme, 2024 (UNNATI – 2024)’.

“This landmark decision is set to catalyse industrial growth in the region and drive socio-economic development, marking a significant milestone in the journey towards prosperity. UNNATI – 2024 marks a new chapter in the industrial roadmap for the region. The 10-year initiative (till 2034), bolstered by an outlay of Rs 10,037 crore, aims to boost economic growth and employment opportunities in the Northeast,” the trade body said in a statement issued here on Friday.

“As had been suggested by FINER, the policy, for the first time, has been tailored to actively promote investments in less developed districts of the Northeast. The scheme divides the Northeast into two zones – Zone A for industrially advanced districts and Zone B for backward districts, ensuring tailored incentives and equitable distribution of funds,” it stated.

“Further again, FINER’s request for covering expansion of capacity has been kept in the policy, and so has its suggestion for introducing central capital interest subvention. The interest subvention scheme will offer interest subsidies for seven years in both Zone A (3 percent) and Zone B (5 percent) to fuel asset creation and promote lending to businesses in the Northeast,” the trade body said.

FINER further commended the Union Cabinet’s foresight and commitment to fostering inclusive and sustainable development across the nation, particularly in regions that have historically faced challenges in attracting investment and realising their full economic potential.

The industry body also pledged support to the successful implementation of UNNATI – 2024.

“We are committed to collaborating with the government, industry stakeholders, and local communities to ensure that this transformative initiative fulfills its promise of driving holistic development and prosperity in Uttar Poorva,” it said.

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