North East India Current Affairs

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Cabinet approves North-East Industrial Development Scheme 2017

The Union Cabinet has approved North East Industrial Development Scheme (NEIDS), 2017 to promote employment in North Eastern Region states including Sikkim.NEIDS is combination of the incentives covered under the earlier two government schemes with a much larger outlay. It will have financial outlay of Rs. 3000 crores upto March, 2020.

Purpose of NEIDS 2017

Promote industrialization: It will promote industrialization in North Eastern Region (NER) states including Sikkim and will boost income generation and employment.

Promote employment: For this, government is incentivizing primarily MSME Sector through this scheme. It is also providing specific incentive through scheme to generate employment.

Benefits to industrial units: It will provide various incentives and benefits to all eligible industrial units. The overall cap for benefits under all components of incentives will be of Rs. 200 crores per unit.

Incentives to be provided to new industrial units in NER

Central Capital Investment Incentive for Access to Credit (CCIIAC): Under it, 30% of investment in Plant and Machinery with upper limit of Rs.5 Crore will be provided per unit.

Central Interest Incentive (Cll): It will be 3% on working capital credit advanced by eligible Banks and Financial institutions for first 5 years from date of commencement of commercial production by unit.

Central Comprehensive Insurance Incentive (CCII): It will provide reimbursement of 100% insurance premium on insurance of building and Plant & Machinery for 5 years from date of commencement of commercial production by unit.

Goods and Service Tax (GST) Reimbursement: It will be up to extent of Central Government share of CGST and IGST for 5 years from date of commencement of commercial production by unit.

Income-Tax (IT) Reimbursement: It will be of Centre’s share of income tax for first 5 years including year of commencement of commercial production by unit.

Employment Incentive (EI): Government will pay 3.67% of employer’s contribution to Employees Provident Fund (EPF) in addition to its bearing 8.33% Employee Pension Scheme (EPS) contribution of employer in Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).

Transport Incentive (TI): Indian Railways will provide 20% of cost of transportation including subsidy   currently   provided for movement of finished goods by rail. Inland Waterways Authority of India (IWAI) will provide 20% of cost of transportation for finished goods for movement through inland waterways. Airport nearest to place of production will provide 33% of cost of transportation of air freight on perishable goods (defined by IATA) to any airport within country.

Month: Categories: India Current Affairs 2018

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6th International Tourism Mart 2017 held in Assam

The 6th International Tourism Mart (ITM) 2017 was held in Guwahati, Assam. It was inaugurated by Assam Governor Jagdish Mukhi, Chief Minister Sarbanand Sonowal and Union Tourism minister K L Alphons.

The three day program was organized by Union Ministry of Tourism in association with all North Eastern states.

Key Facts

The focus areas of 6th ITM was to spotlight on India’s “Act East Policy”, blossoming ties with ASEAN and larger East Asia region, home to world’s rapidly growing economies and India’s emerging tourism markets. It also held oanel discussions, workshops, business to business (B2B) meetings, cultural programs. Senior officials from Railways, Civil Aviation, DoNER, Road Transport ministry also shared their views for betterment of tourism sector of North East including Assam.

International Tourism Mart

The International Tourism Mart is an annual event organised in North Eastern States on rotation basis. Its objective is to highlight tourism potential of region in domestic and international markets. It also brings together tourism business fraternity and entrepreneurs from the eight North Eastern States. The earlier editions of this mart were held in Guwahati, Shillong, Tawang, Gangtok and Imphal.

Month: Categories: India Current Affairs 2018

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