ITANAGAR, March 22 - Arunachal Pradesh Chief Minister Pema Khandu has appreciated the Union Cabinet headed by Prime Minister Narendra Modi for approving of the North East Industrial Development Scheme (NEIDS), 2017 with financial outlay of Rs 3,000 crore up to March 2020.
Lauding the step as �visionary,� the Chief Minister said the scheme would boost industrialisation, income generation and growth of jobs in the North East. He appreciated the Prime Minister for bringing out such a policy necessary to address regional imbalances.
The Chief Minister said the industrial units set up in the region would get a host of tax breaks and incentives from the Government, capped at Rs 200 crore per unit. Aimed at encouraging micro, small and medium enterprises (MSMEs), the new scheme will help generate employment in the North-Eastern States.
The scheme will provide reimbursements of up to the extent of the Central Government�s share of the CGST and IGST for five years from the date of commencement of commercial production by the unit. Besides, reimbursement of the Centre�s share of income tax for the first five years, including the year of commencement of commercial production by the unit would also be provided.