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In a landmark decision, the Union Cabinet, led by Prime Minister Narendra Modi, has given its approval for the Uttar Poorva Transformative Industrialisation Scheme, 2024 (UNNATI – 2024), signaling a new era of industrial growth and employment opportunities in the Northeast Region (NER). This transformative initiative, with a substantial budget of Rs. 10,037 crore over a 10-year period, is poised to not only attract new investments but also nurture existing ones, with a strong emphasis on job creation, skill development, and sustainable industrial practices.
Fostering Economic Transformation
The UNNATI – 2024 scheme is anticipated to bring about a significant enhancement to the socio-economic landscape of the region. By fostering positive economic activity across both the manufacturing and service sectors, it aims to create a conducive environment for industrial development in the NER.
Incentives Driving Industrial Expansion
Under the UNNATI – 2024 scheme, investors venturing into new units or significantly expanding existing ones are offered a comprehensive set of incentives. Capital investment incentives are provided for both new and expanding units, with varying percentages based on the zones – Zone A and Zone B. The scheme introduces Central Capital Interest Subvention and a Manufacturing & Services Linked Incentive (MSLI) for new units, further encouraging industrial growth.
Financial Outlay and Ambitious Targets
With a total financial outlay of Rs. 10,037 crore, the UNNATI – 2024 scheme strategically allocates funds for incentives to eligible units (Part A) and implementation and institutional arrangements (Part B). The scheme sets ambitious targets, aiming to process around 2180 applications and create approximately 83,000 direct employment opportunities during the scheme period, along with additional indirect employment prospects.
Salient Features and Strategic Implementation
The UNNATI – 2024 scheme, effective until 31.03.2034, allows an application period for registration until 31.03.2026. Registrations must be granted by 31.03.2027, and eligible units are required to commence production or operation within 4 years from the grant of registration. Districts are categorized into two zones, Zone A and Zone B, with a strategic allocation of funds based on industrial advancement. The Department for Promotion of Industry and Internal Trade (DPIIT) will lead the implementation in collaboration with states, ensuring a structured process through national and state-level committees.
Balancing Growth and Environmental Sustainability
Recognizing the need for renewed industrial development in the NER, the UNNATI – 2024 scheme aims to strike a balance between growth and environmental sustainability. By emphasizing sectors like renewable energy and electric vehicle charging stations and imposing restrictions on environmentally sensitive sectors, the government aims to ensure a harmonious coexistence of industry and nature in the region.
Paving the Way for a Brighter Future
The approval of the UNNATI – 2024 scheme marks a pivotal step in unlocking the economic potential of the Northeast Region. Beyond promoting inclusive development, the scheme positions the region as a hub for sustainable industrial growth. As UNNATI – 2024 unfolds, it is poised to contribute significantly to the overall progress of the NER, laying the foundation for a brighter and more prosperous future.