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The Government of India announced North-East Industrial Development Scheme (NEIDS) with an objective to promote industrialization in the North-East India and also to create job opportunities in the region. A budget of Rs. 3,000 crores is allocated to the scheme till 2020. The north-easten region still has poor infrastructure and industrial growth resulting in huge migration in different parts of India. The North East Industrial Development Scheme (NEIDS) aims to improve the situation by promoting and encouraging small and medium scale industries to invest more and create more job opportunities in the region itself so that people in the region can find employment there itself and dont need to migrate elsewhere.
North East Industrial Development Scheme (NEIDS) Benefits & Implementation:
- A scheme to incentiwise and promote MSME sector in the north-eastern states in India
- To create employment and job opportunities in the reagion
- All those industries who are already getting benefits under other government schemes are eligible for this scheme too
- GST Incentives: Reimbursement of CGST and IGST paid to central government for 5 Years from the date of commencement of commercial production
- Income Tax Incentives: Reimbursement of centre’s share of income tax for first 5 years
- Central Capital Investment Incentive for Access to Credit (CCIIAC): Incentives of 30% of the investment in plant & machinery with an upper limit of Rs.5 crore on the incentive amount per unit
- Central Interest Incentive (Cll): the government will provide incentives of 3% on working capital credit advanced by eligible Banks/ Financial institutions for first 5 years from the date of commencement of commercial production by the unit
- Central Comprehensive Insurance Incentive (CCII): 100% reimbursement of insurance premium for building, plant & machinery insurance for 5 years from the date of commencement of operations
- Transport Incentive (TI): 20% incentives on the cost of transportation including subsidy provided by the Railways PSU for movement of finished goods, incentives are also available on the air routes
- Employment Incentive (EI): Government will contribute 3.67% of employee`s contribution to the Employee Provident Fund (EPF) in addition to the government contribution of 8.33% to Employee Pension Scheme (EPS)
