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Neid Scheme 2017 covers eligible industrial units in manufacturing and service sectors

New Delhi: North East Industrial Development Scheme (NEIDS), 2017 covers eligible industrial units in the manufacturing and service sectors Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Sikkim to promote industrialization and boost employment and income generation. The Scheme is valid from 01.04.2017 to 31.03.2022.     

The scheme provides (i) Central Capital Investment Incentive (30% of the investment in plant & machinery with an upper limit of Rs. 5 crore),   (ii) Central Interest Incentive (3% interest on working capital for 5 years), (iii) Central Comprehensive Insurance Incentive (Reimbursement of 100% insurance premium for 5 years),  (iv) Income Tax Reimbursement of centre’s share for 5 years, (v) GST reimbursement of Central Govt. share of CGST & IGST for 5 years, (vi) Employment Incentive under which additional 3.67% of the employer’s contribution to EPF in addition to Govt. bearing 8.33% Employee Pension Scheme (EPS) contribution of the employer in PMRPY and (vii) Transport incentive on finished goods movement by Railways(20% cost of the transportation), by Inland Waterways Authority (20% of the cost of transportation) & by air (33% of cost transportation of air freight) from the station/port/airport nearest to unit to the station/port/airport nearest to the destination point. Also, under this scheme, a single unit can avail overall benefits up to Rs. 200 Crores.

The Scheme does not envisage sanction of projects, rather, eligible units are registered after following due process. To date, one industrial unit M/s AMBROSIA INDUSTRIES in district Kamrup, Assam has been granted registration under NEIDS, 2017.                                   

The total approved outlay of NEIDS is Rs. 3000 crore. No claims have been raised under the scheme so far and as such, there is no release and utilization of funds under the Scheme.

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