Indian govt allocates Rs 2,434 cr to Assam under industrialization scheme

Digital Desk: The Government of India has taken a significant step towards fostering industrialization and economic growth in the Northeast region by allocating Rs 2,434 crores to Assam under the Uttar Poorva Transformative Industrialization Scheme. This initiative is part of the larger UNNATI (Uttar Poorva Transformative Industrialization Scheme), 2024, with a total outlay of Rs.10,037 crore over 10 years.

The scheme, approved by the Union Cabinet and chaired by Prime Minister Narendra Modi, aims to drive industrial development in the eight Northeastern states. The allocated funds follow a strategic distribution, with 60% earmarked for the Northeastern states and the remaining 40% allocated on a First-In-First-Out (FIFO) basis.

Key features of the UNNATI – 2024 include a scheme period extending up to 2034, an application period for registration until 2026, and a deadline for disposal of registration applications by 2027. Industrial units are expected to commence production or operation within four years of registration.

The scheme further categorizes districts into two zones – Zone A for industrially advanced districts and Zone B for industrially backward districts. This zoning ensures a targeted approach to industrial development, recognizing the diverse needs of different regions.

For micro-industries defined by MSME norms, the calculation of Plant and Machinery (P&M) costs includes building construction and P&M costs for Capital Investment Incentives. Both new and expanding industrial units are eligible for respective incentives.

The UNNATI scheme reflects the government's commitment to the overall socio-economic development of the Northeast region. By emphasizing job creation, skill development, and sustainable growth, the initiative seeks to strike a balance between industrial progress and environmental preservation. The scheme's positive list includes industries promoting renewable energy and EV charging stations, while a negative list identifies sectors, such as cement and plastic, that may have adverse environmental impacts.

The New Industrial Development Scheme aligns with the vision of attracting new investments and nurturing existing ones in the Northeast, thereby driving economic prosperity and creating a conducive environment for industries. As the scheme unfolds, it is expected to catalyze positive transformations, generating employment opportunities and fostering a robust industrial landscape in the region.