Federation of Industries in the North East Region lauds Union Cabinet's approval of UNNATI-2024

GUWAHATI: The Federation of Industries in the North East Region (FINER) extends its heartfelt appreciation to the Union Cabinet, led by Prime Minister Narendra Modi, for greenlighting the 'Uttar Poorva Transformative Industrialization 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 and is a 10-year initiative (till 2034), bolstered by an outlay of ?10,037 crore with an additional 8 years allotted for committed liabilities, that aims to boost economic growth and employment opportunities in the Northeast.

UNNATI-2024 is poised to revolutionise the industrial landscape of Uttar Poorva, ushering in a new era of progress and opportunity. By focusing on fostering a conducive environment for manufacturing,innovation, services, and entrepreneurship, UNNATI 2024 seeks to create jobs, unlock the region's untapped potential, uplift socio-economic standards, and offer incentives for setting up new businesses or expanding existing ones. It also aims to strike a balance between industrial growth and environmental conservation by encouraging industries like renewable energy while restricting those with potential environmental impacts. The scheme will help boost employment opportunities, augment income levels, and enhance the overall quality of life for lakhs of people in the region.

Key highlights of UNNATI 2024: 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 North East. The scheme divides the North East into two zones: Zone A for industrially advanced districts and Zone B for backward districts, ensuring tailored incentives and an equitable distribution of funds. Further again, FINERS request for covering expansion of capacity has been kept, and so has its suggestion for introducing a central capital interest subsidy found place in the policy. The interest subvention scheme will offer interest subsidies for 7 years in both Zone A (3%) and B (5%) to fuel asset creation and promote lending to businesses in Uttar Poorva. UNNATI-2024 offers accelerated benefits to micro-sector industries and substantial incentives capped at Rs 250 crore for larger enterprises, along with extended GST refunds for 10 years, echoing FINER's persistent advocacy for comprehensive, equitable growth throughout the North East.

FINER commends 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. UNNATI-2024 reflects the government's unwavering dedication to empowering local communities, bridging regional disparities, and building a stronger, more resilient India.

As the apex body representing industries in the North East Region, FINER pledges its full support to the successful implementation of UNNATI-2024. It is committed to collaborating with the government, industry stakeholders, and local communities to ensure that this transformative initiative fulfils its promise of driving holistic development and prosperity in Uttar Poorva.

"We extend our sincere gratitude to Prime Minister Narendra Modi, the Union Cabinet, and all stakeholders involved in shaping this visionary initiative. Together, we embark on a journey towards a brighter, more prosperous future for Uttar Poorva and the nation at large," FINER said in a press statement.

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