Assam: Customized incentives fetch Rs 11,753-crore investment

 STAFF REPORTER

GUWAHATI: The amendment to the Industrial and Investment Policy, 2019 with customized incentives has borne fruit in the form of around Rs 11,000 crore in investment proposals received by the State Government in 2023. It seems the right step yielded the right results.

The State Government brought the amendment to the Industrial and Investment Policy, 2019 in 2023 to make Assam a globally competitive investment destination, thus igniting the state’s sustainable, inclusive, and balanced economic growth potential. According to sources in the Department of Industries, the removal of the red tape in the setting up of new industries in the state through the introduction of single-window clearance, together with the path-breaking customized incentives, paved the way for the massive investment proposals coming to the state in 2023.

The amended Act offered customized incentives for mega projects that have a minimum investment of Rs 100 crore and a minimum employment generation of 200 permanent employees, and 90 percent of grade III and IV employees and non-skilled employees should be for candidates of the state.

The incentives were capital subsidy, power subsidy, subsidy on land, subsidy on the drawl of the power line, electricity duty reimbursement, stamp duty reimbursement, government assistance for road connectivity, power line installation, and providing utility support.

The total investment proposals from 17 investors in 2023 were Rs 11,753 crore, and the proposed capital investment was Rs 8,877 crore. The proposed employment generation was 10,906.

The government gave Rs 77 crore as a power subsidy, Rs 282 crore as a capital subsidy, and Rs 31 crore as electricity duty reimbursement to the investors.

According to sources, the State Government constituted an empowered committee headed by the minister concerned to evaluate and recommend a customised package of incentives for any mega project to the Cabinet for approval.

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