Union Budget 2023: Northeast Industry Leaders Want New Investment-Boosting Policy

Industry leaders in the Northeast are anticipating the release of a new industrial strategy for the area in the next Union Budget 2023, which was unveiled on Tuesday by Finance Minister Nirmala Sitharaman. Despite the fact that the North East Industrial Development Scheme (NEID), which was set to expire on March 31, 2022, has not yet been extended, the area is keen to encourage both local and foreign investment.

"There has been no word on a new industrial strategy for the northeast for the last nine months. A new industrial strategy to promote industry in the northeastern area is anticipated to be announced by Finance Minister Nirmala Sitharaman "President of the Guwahati Management Association, Chiranjit Chaliha, stated

A five-year program called NEID 2017 was launched with the goal of fostering industrialisation, increasing employment, and supporting MSMEs in the northeast. It covers both the manufacturing and service sectors. According to the Department of Promotion and Internal Trade, 530 new industrial units have received permission to register under NEID, and the states of NER have received a total of Rs76 crore since the program's beginning.

Without a unique policy, however, the portion of investments made in the northeast under the North East Industrial and Investment Promotion Policy 2007 has decreased from 8.3% in 2017 to 0.13% in 2021. The expansion of the program is essential for the region's fast industrial growth, according to the Standing Committee on Commerce, which also urges dialogue with industry stakeholders and state governments in its 175th report.

The area expects that the Finance Minister would allay their worries and stimulate regional industry.