North East: Incentives for ‘Start-Ups’ announced

Arunachal Pradesh, biotech, laboratories, Harshvardhan, north east, India

North East development has taken a unique turn with the Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh having announced incentives for startup entrepreneurship in Northeast on December 16, 2016.

The move is expected to encourage avenues of employability and livelihood not only for youth from the region, but also from all over the country.

Speaking at an interactive program organized by the North East MPs’ Forum, Dr Jitendra Singh quipped:

“Startup India, Standup India” is the most unique programme in the world ever started anywhere and it offers unprecedented incentives like 3 years of tax holiday and 3 months of exit period. In addition to the incentives already announced in the programme, the Ministry of DoNER has decided to provide an additional incentive of Venture Capital Fund for any youngster from any part of India who wishes to set up a “Start-Up” entrepreneurship in Northeast. The North East Development Finance Corporation (NIDFi) also has provision to provide easy loans to set up entrepreneurship. With enormous unexplored avenues including organic farming and manufacturing, he said, North East has the capacity to emerge as the favourite destination for young startups from all over India.”

While speaking on the occasion, Dr Jitendra Singh also disclosed that “North East Industrial Policy” has also been revived.

The Ministry of DoNER during the last one year, Dr Jitendra Singh disclosed, with the measures to ease the procedures for submission of DPRs and Utilization Certificates, there is not only an increase in the number of projects completed every year, but the pendency of Utilization Certificates has also decreased.

In order to overcome the delays in execution and spending of funds, Dr Jitendra Singh said, the Ministry of DoNER has set an example in the last two years by experimenting with out-of-the-box options. For example, he said, the DPRs from the State Governments are now routed directly to the concerned Union Ministry without going to the DoNER Ministry which only acts as facilitator, coordinator and expediter. Similarly, to make the submission of Utilization Certificates more prompt and authentic, Space Technology applications have been involved to a substantial extent, he said.

He disclosed that the extension of the air-strip at the Shillong Airport will be funded by the DoNER Ministry and similarly, the construction of the Agartala to Bangladesh rail track will also be funded by the DoNER Ministry for the portion of the track on the Indian side.

The meeting was attended by Members of Parliament from eight North Eastern States and representatives of various trade organizations.

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