CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Uttar Poorva Transformative Industrialization Scheme, 2024 (UNNATI - 2024) has been approved by the Union Cabinet under Prime Minister Shri Narendra Modi. This initiative, coordinated by the Ministry of Commerce and Industry, seeks to stimulate industrial development in the North East Region, hence promoting economic growth and job creation.
Notable Features
Scheme Period
- Effective from the date of notification until March 31, 2034, plus an extra eight years for committed liabilities.
Application Period
- Industrial units can apply for registration from the notice date to March 31, 2026.
Registration Grant
- All registration applications will be handled by March 31, 2027.
Production Begins
- Eligible units must start production or operations within four years following registration.
Zone Categorization
- Districts are divided into Zones A (Industrially Advanced) and B (Industrially Backward).
Earmarking Of Funds
- 60% of the Part A outlay is distributed to eight NE states, with the remaining 40% awarded on a FIFO basis.
Incentives
Capital Investment Incentives
Zone A requires 30% (up to Rs. 5 crore) or 50% (up to Rs. 7.5 crore) of investment.
Zone B allows for either 30% (up to Rs. 10 Cr) or 50% (up to Rs. 10 Cr) investment.
Central Capital Interest Subventions
Zone A: 3% for seven years.
Zone B: 5% for seven years.
Manufacturing and Services-Linked Incentive (MSLI)
- In Zone A, new units can invest up to 75% in P&M, but in non-GST areas, there is no limit.
Expenditure
Total investment of Rs. 10,037 crore over ten years, plus an additional Rs. 300 crore for implementation and institutional preparations.
Targets
- over 2180 applications are expected, resulting in over 83,000 direct work possibilities throughout the course of the plan, as well as significant indirect employment.
Background
The UNNATI initiative intends to boost industrial growth in the North East by promoting socioeconomic development and establishing a favorable environment for the manufacturing and service sectors. Its principal goal is to boost job creation, consequently improving the region's general economic situation.
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