New Delhi: The Centre is likely to announce a new industrial policy for the northeastern states ahead of the forthcoming Lok Sabha election for the development of industries in the landlocked region.
Speaking to ETV Bharat on Friday, a senior government official said the process of finalising a new scheme for the development of industries in the NorthEast region is under active consideration of the Department for Promotion of Industry and Internal Trade (DPIIT) and the same would be notified soon.
"The proposed new scheme will help in attracting more investment in the region including Foreign Direct Investment (FDI)," the official said. According to the official, the development happened after Assam Chief Minister Himanta Biswa Sarma called on Union Commerce and Industry Minister Piyush Goyal in New Delhi in January and urged for the same.
During his meeting with Goyal, Sarma urged him to launch the North East Industrial Policy as Assam and the Northeastern region have been witnessing rapid economic growth and it would give an added impetus to the existing efforts.
In the recent past, the Centre has announced several projects and initiatives in health as well as infrastructure for northeastern states. The last North-East Industrial Development Scheme (NEIDS), 2017, expired on March 31, 2022, after which no industrial scheme is currently operational in the region.
"The Commerce Ministry is taking final recommendations from relevant stakeholders for implementing a new industrial scheme for the region," the official said, adding the proposed new scheme will help in attracting more investment in the region including FDI.
Notably, the northeastern region received less than 1 per cent of the total FDI in the country despite the initiatives taken by the department. The government is also considering setting up an Investment Promotion Agency (IPA) in the northeastern states to attract FDI.
"We have organised several investment summits in foreign countries to promote the region as an investment destination, particularly in food processing, agro-industries, etc," the official informed.
Notably, the North East Industrial Development Scheme (NEIDS), 2017, covered industrial units in the manufacturing and service sectors in Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim promoting industrialisation besides boosting employment and income generation, was valid from April 01, 2017, to March 31, 2022.
Industry bodies, especially the Federation of Industry & Commerce of North Eastern Region (FINER) have also appealed to the Centre to launch a new industrial policy for the northeast.
Lok Sabha MP from Guwahati Queen Oja told ETV Bharat an exclusive industrial policy is very much required for a region like the Northeast. "It is also vital to expedite infrastructure and connectivity work and address issues of border points to make Act East Policy a reality," added Oja.
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