NEIDS is the first step in integrating the business potential of the Northeastern states with the promise of India’s economic growth story, both at home and globally.
On April 12th this year, the Ministry of Commerce and Industry, Government of India, announced the North East Industrial Development Scheme 2017 (NEIDS). The scheme is applicable to all eight states of the region and marks a new beginning for the enterprises and entrepreneurs of the region. It is a clear break from the past, as it recognizes the accelerating role played by the service sector in job creation and looks at the Northeastern states as significant players in India’s manufacturing story. The scheme also encourages more MSMEs in the manufacturing and industrial segments to scale up and provide employment to a wider section of the local workforce. And it surely gives a fillip to first-generation entrepreneurs who are most often short of funds.
The Scheme
NEIDS is effective from April 1st 2017 through 31st March 2022. The scheme is meant for new units only and the conditions for eligibility have been listed in the policy document published on the ministry’s website. All new units in manufacturing sector and services sector including Bio-technology and Hydel Power Generation Units upto 10 MW located in the Northeast states, will be eligible for incentives under the scheme, except industries listed in Annexure 1 of the document (for example, tobacco, plastic bags).Enterprises even if they already derive benefits from other Government, schemes can still apply to avail benefits under NEIDS.
This story is from the June 2018 edition of Eclectic Northeast.
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This story is from the June 2018 edition of Eclectic Northeast.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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