Guwahati: The leading industry chamber of the Northeast- Federation of Industry and Commerce of the North Eastern Region (FINER) has raised significant concerns, especially regarding the gap between the previous and newly introduced industrial policies of the Northeast with the Centre.
Bajrang Lohia, President of the Federation of Industry and Commerce of the North Eastern Region (FINER), alongside Sandeep Khaitan and Binit Todi, Directors of FINER, held a crucial meeting with R.K. Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), along with Balamurugan, Joint Secretary, and Dr. Kajal, Director, in New Delhi on March 26 to deliberate on the newly unveiled Uttar Poorva Transformative Industrialization Scheme (UNNATI), 2024.
The new industrial policy for the Northeast- Uttar Poorva Transformative Industrialization Scheme (UNNATI), 2024, was formulated after the earlier industrial policy expired two years earlier, leading to significant concerns in the business community in the region.
During the meeting, FINER presented a detailed representation outlining their insights and suggestions regarding the implementation of the UNNATI Policy.
Expressing profound appreciation for the visionary UNNATI initiative, FINER highlighted its potential to catalyse development and prosperity across the North-Eastern Region.
In discussions with DPIIT officials, FINER raised significant concerns, especially regarding the gap between the previous and newly introduced policies.
They highlighted the predicament faced by businesses caught in the transition between these policies, risking their exclusion from the benefits outlined in the UNNATI Scheme.
Additionally, the FINER team emphasised the exclusions made in the list of eligible plant and machinery items, which could restrict the benefits for businesses.
They also pointed out practical issues regarding linking the Term Loan subsidy with the term loan on eligible items of Plant & Machinery.
As a proactive and dedicated industrial body, FINER has undertaken a comprehensive examination of the UNNATI Policy and its associated registration guidelines.
Furthermore, FINER advocated for consistency in investment items, urging DPIIT to align them to ground realities so that surety, continuity, and stability could be provided for businesses operating in the region.
Bajrang Lohia, President of FINER said the UNNATI Policy holds immense promise for the North-Eastern Region, and it is imperative to address any implementation challenges to maximize its impact.
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“We are grateful for the receptive engagement from DPIIT officials and remain committed to fostering dialogue and collaboration for the holistic development of the region,” Lohia said.
The meeting concluded on a positive note with a mutual understanding of the challenges and opportunities ahead, underscoring the collaborative efforts required to realize the full potential of the UNNATI Policy in driving sustainable development and prosperity across the North-Eastern Region.
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