Positive Economic News: UNNATI-2024 Set to Accelerate Economic Development in Northeast India

Imphal: The unveiling of the highly anticipated “Uttar Poorva Transformative Industrial Scheme 2024-UNNATI” is poised to propel industrial growth and foster employment opportunities in the region. According to the Confederation of Indian Industry (CII), the recent introduction of the UNNATI Scheme by the Government promises to position Northeast India on the brink of unprecedented economic expansion, rendering it an enticing emerging market for global investors.

With a substantial budgetary allocation of Rs 10,037 crores and a target to generate 83,000 employments over the next decade as outlined in the Scheme, the Government’s unwavering commitment to fostering sustainable livelihoods in the region is evident. CII commends the Government’s adept balancing act of promoting investment while safeguarding the environment, notably through the promotion of “Green industry” initiatives in Northeast India.

In a bid to elucidate the advantages of the new Industrial Policy for the Northeast, CII convened an interactive session today with Mr. Balamurugan D, IAS, Joint Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT). Mr. Balamurugan underscored that UNNATI is poised to streamline regulatory compliances and prioritize the timely execution of projects. He also highlighted the Scheme’s provision for unit expansion, which is set to benefit existing enterprises. Furthermore, the emphasis on “Green Industry” aligns seamlessly with the ecological ethos of the Northeast. The delineation of the Scheme into industrially advanced Zone-A and industrially backward Zone-B is poised to foster balanced development across the region. DPIIT’s proactive outreach to all states and industries to familiarize them with the Scheme underscores a commitment to widespread implementation.

The Manufacturing and Service Linked Incentive (MSLI) introduced in UNNATI is primed to catalyze investments, particularly in the burgeoning tourism and hospitality sectors.

The session witnessed active participation from numerous industry leaders from the Northeast, who echoed their optimism and support for the transformative potential of UNNATI-2024 in driving economic prosperity and inclusive growth in the region.

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