In a significant move towards bolstering industrial development and employment opportunities in the northeastern states, the Union Cabinet, under the leadership of Prime Minister Narendra Modi, has given the nod to the Uttar Poorva Transformative Industrialization Scheme, 2024 (UNNATI – 2024) on Thursday.
This pivotal scheme, sanctioned by the Ministry of Commerce and Industry and the Department for Promotion of Industry and Internal Trade, is allocated a total budget of Rs. 10,037 crore, spanning a period of 10 years from the date of notification, alongside an additional 8 years for committed liabilities.
Under the UNNATI - 2024 scheme, investors looking to establish new units or expand existing ones will benefit from various incentives. These incentives include capital investment incentives, central capital interest subvention, and manufacturing and services-linked incentives, each tailored to promote industrial growth in different zones categorized as Zone A (Industrially Advanced Districts) and Zone B (Industrially Backward Districts). It added that the maximum eligible benefits to one unit from all components of the scheme is Rs 250 crore.
The scheme, projected to attract approximately 2,180 applications, aims to generate an estimated 83,000 direct employment opportunities during its tenure, with a significant number of indirect employments anticipated as well.
Key features of the scheme include a well-defined implementation strategy involving the Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with state authorities. Oversight will be facilitated through three committees at both national and state levels, ensuring efficient execution and transparency.
Emphasizing the scheme's objectives, Prime Minister Narendra Modi stated, "The UNNATI - 2024 scheme is a crucial step towards fostering industrial growth and socio-economic development in the northeastern region. By encouraging new investments and nurturing existing ones, we aim to create productive economic activity while ensuring environmental sustainability."
The UNNATI - 2024 scheme reflects the government's commitment to balanced industrial growth and environmental conservation, with a positive list featuring industries such as renewable energy and EV charging stations, while also highlighting a negative list that includes sectors potentially detrimental to the environment, such as cement and plastic.
This initiative underscores the government's dedication to advancing industrial development in the North East Region, with a focus on job creation, skill development, and sustainable economic progress.
Follow us
