After a long period, uttar purva region (north-east region) has been able to seek centre’s attention for developing its industrial infrastructure and its related eco-system. Lets explore more into this new scheme.
Uttar Poorva Transformative Industrialization Scheme (UNNATI), 2024
The Union Cabinet chaired by Prime Minister Narendra Modi approved the proposal of the Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade for Uttar Poorva Transformative Industrialization Scheme, 2024 (UNNATI – 2024).
Coverage: All 8 North-Eastern States, namely Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura.
Commencement and Duration of the Scheme: It will be effective from 09.03.2024 and will remain in force up to and inclusive of 08.03.2034 and 8 more years for meeting committed liabilities.
Application period for registration: Registration shall commence from 09.03.2024 and will continue till 31.03.2026. Registration will be stopped prior to this period if the projected financial liability of the units that are granted registration reaches 115% of the total financial outlay of the scheme.
The following incentives would be available under the scheme to investors for setting up new units or undertaking significant expansion of the existing units.
Capital subsidy
Zone A: Capital Investment Incentive @30% with a maximum limit of Rs. 5.00 crore. For those sectors where GST is not applicable, the maximum limit of this incentive will be Rs. 10.00 crore.
Zone B: Capital Investment Incentive @50% with a maximum limit of Rs.7.50 crore. For those sectors where GST is not applicable, the maximum limit of this incentive will be Rs. 10.00 crore.
Eligible investment: Plant and machinery (for the manufacturing sector) or for construction of building and installation of other durable physical assets (for services sector)
Central Capital Interest Subvention (For Both New & Expanding Units):
Zone A: 3% interest subvention offered for 7 years
Zone B: 5% interest subvention offered for 7 years
Manufacturing & Services linked incentive (MSLI)– For New Units only – linked to Net Payment of GST, i.e., GST paid less Input Tax Credit with upper limit of
Zone A: 75% of eligible value of investment in P&M
Zone B: 100% of eligible value of investment in P&M
Maximum Eligible benefits to one unit from all components of the scheme: Rs. 250 Cr.
Zone A and Zone B Districts’ means Zone A (Industrially Advanced Districts) and Zone B (Industrially Backward Districts) based on NER Districts SDG Index prepared by NITI Aayog, UNDP and Ministry of Development of North Eastern Region. The list shall be provided by the Steering committee in consultation with NITI Aayog and State Governments of NER.
Expenditure planned:
The financial outlay of the proposed scheme is Rs.10,037 crore for the scheme period from the date of notification for 10 years. (Additional 8 years for committed liabilities). This will be a Central Sector Scheme. The scheme is proposed to be divided into two parts. Part, A caters to the incentives to the eligible units (Rs. 9737 crores), and Part B, is for implementation and institutional arrangements for the scheme. (Rs. 300 Crore).
Targets:
The proposed scheme envisages approximately 2180 applications, and it is anticipated that direct employment opportunities of about 83,000 will be generated during the scheme period. A significant number of indirect employment is also expected to be generated.
Caution:
In case any faulty claim so taken the government can recover the same along with interest of 15% p.a.
Conclusion:
This scheme has the potential to significantly benefit the industrial infrastructure of the Northeast. The initiative itself is commendable, and we hope its implementation is as successful as the scheme itself.
So, get your project report and all certificates and license ready and avail the most benefit from the scheme and be a part of nation building.
Regards
CA Umang Jain
+91 96323-32850
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