Union Government revises North East Industrial and Investment Promotion Policy
Posted on:20 Dec 2016 17:49:57
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20 December 2016 Current Affairs: The Department of Industrial Policy & Promotion (DIPP) has revised North East Industrial and Investment Promotion Policy (NEIIP), 2007. The revision of policy stipulates mandatory disbursal of subsidies payable to all industrial units in northeast through Direct Benefit Transfer (DBT) mechanism by Chief Controller of Accounts (Industry).
Industrial units which had commenced production on or after December 1, 2014 and on or before March 31, 2017 will be eligible for incentives as per the revised norms of subsidy. It will also include existing units which go in for substantial expansion and commence commercial production on or before March 2017. For this purpose, the industrial units need to get themselves registered on the e-payment portal by providing required bank details.
The subsidy for the existing and new industrial units going for substantial expansion will be limited Rs 3 crore per industrial unit operating in services sector and Rs 5 crore per industrial unit operating in manufacturing sector. The limit for automatic approval of subsidy at the rate of 30% of the investment in plant and machinery will continue to be upto Rs 1.5 crore per unit. In case for grant of capital investment subsidy higher than Rs 1.5 crore and upto a maximum of Rs 5 crore will be approved by empowered committee chaired by Secretary, DIPP.
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