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Business EconomyPosted at: Mar 7 2024 8:31PM


Cabinet approves Uttar Poorva (N-E) Transformative Industrialisation scheme

New Delhi, Mar 7 (UNI) The government on Thursday approved the proposal of the Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade, for the Uttar Pradesh Transformative Industrialization Scheme, 2024, for a period of 10 years along with 8 years for committed liabilities at a total cost of Rs. 10,037 crore.
The decision will provide various incentives under the scheme to investors for setting up new units or undertaking significant expansion of the existing units, an official statement said after the Union Cabinet meeting chaired by Prime Minister Narendra Modi.
The decision comes in the wake of the government’s new industrial development scheme, UNNATI (Uttar Poorva Transformative Industrialization Scheme), 2024, as a central sector scheme for the development of industries and the generation of employment in the states of the North East Region.
The scheme's main objective is to generate gainful employment, which will lead to the area's overall socio-economic development. It will create productive economic activity in the manufacturing and service sectors.
Incentives include relief from GST and interest subventions. The maximum eligible benefit to one unit from all components of the scheme will be Rs. 250 crore.
The financial outlay of the proposed scheme is Rs. 10,037 crore for the scheme period from the date of notification to 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 crores).
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 amount of indirect employment is also expected to be generated.
DPIIT will implement the scheme in cooperation with the states. Implementation will be overseen by several committees at the national and state levels.
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