Kerala HC Upholds Life Terms For Five, Acquits Two in Renjith Johnson Murder, Says TIP Not Needed  ||  Kerala HC Orders Emergency Electric Fencing at Tribal School to Address Rising Wildlife Conflict  ||  Madras HC: Arbitrator Can’t Pierce Corporate Veil to Bind Non-Signatory and Partly Sets Aside Award  ||  Calcutta HC: Post-Award Claim For Municipal Tax Reimbursement is Not Maintainable under Section 9  ||  Tripura HC: Tax Authorities Cannot Revive Repealed VAT Powers or Retain Deposits Without Law  ||  J&K&L HC: Obtaining a Passport is a Constitutional Right; Citizens Need Not Prove Travel Necessity  ||  Allahabad HC: Police Report in Non-Cognizable Offence is a Complaint; Accused Must Be Heard First  ||  Kerala HC: Hospitals Must Display Rates and Cannot Deny Emergency Care For Lack of Advance Payment  ||  Orissa HC: Convict’s Refusal to Appeal Through Legal Aid Must be Recorded in Writing  ||  SC Halts Deer Translocation From Delhi’s AN Jha Park And Orders a Probe into DDA Negligence    

Revision of North East Industrial and Investment Promotion Policy, 2007 for new industrial units- (Ministry of Commerce and Industry) (24 Nov 2016)

MANU/INDP/0026/2016

Commercial

1. Government had approved a package of incentives and concessions to promote industrialization and investment in the North East Region (including Sikkim) under the "North East Industrial and Investment Promotion Policy, 2007", notified vide O.M. No. 10 (3)/2007- DBA.II/NER dated 1st April, 2007. In pursuance of the above policy, the Central Interest Subsidy Scheme, 2007 and Central Capital Investment Subsidy Scheme were notified vide Notification No.10(3)/2007- DBA.II/NER dated 27.7.2007.

2. Pending review of the outcome of the implementation of the Policy, registration of new industrial units was suspended w.e.f. 1.12.2014.

3. It has now been decided by the Government to revise the above Policy for the industrial units which had commenced production on or after 1.12.2014 (hereinafter referred to as 'the new industrial units'). The units registered before 1.12.2014 would continue to get benefits as per pre-revised norms. The new industrial units who are eligible for registration are, therefore, now invited to register themselves and avail the following benefits as per revised norms of subsidy. The suspended registration process is, therefore, being resumed with immediate effect.

A. Revision of Central Interest Subsidy Scheme for new units:

The subsidy will be provided in terms of the scheme notified vide Notification No.10(3)/2007- DBA.II/NER dated 27.7.2007 except that the interest subsidy will be available only on term loans of 5-10 years maturity taken to finance capital expenditure on setting up of industrial units or for capital expansion on substantial upgradation / modernization. The interest subsidy will be limited to term loans up to Rs. 10 crore only to subsidize cost of borrowing above PLR to the extent of up to 3% p.a. so as to ensure that post-subsidy interest rate does not fall below the Prime Lending Rate of the concerned bank or financial institution. The subsidy due every year will be accumulated in a separate account and adjusted against the outstanding loan / interest due at the time of closure of the term loan.

B. Revision of Central Capital Investment Subsidy Scheme

The subsidy will be provided in terms of the scheme notified vide Notification No.10(3)/2007-DBAII/NER dated 27.7.2007 except that the subsidy for the new units (which commenced production after 1.12.2014) will be limited to Rs. 5 crore per industrial unit operating in manufacturing sector and Rs. 3 crore per industrial unit operating in services sector.

Revision of disbursement mechanism

4. Government has also decided that henceforth the subsidies payable to all the industrial units will be disbursed through Direct Benefit Transfer mechanism by the Chief Controller of Accounts (Industry) for which the units would need to get themselves registered on the e-payment portal by providing required bank mandates etc. Only to this extent, the role and responsibility of North East Development Financial Corporation (NEDFi), Guwahati will be modified. The quantum of eligible subsidies will be based on the recommendations of the State Level Committees and credited directly into the DBT-linked bank accounts of the beneficiary industrial units after due checks, verifications and audits.

Tags : INCENTIVES   INDUSTRIALIZATION   PROMOTION  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved