CCEA approves capital investment subsidy to industrial units located in North Eastern Region

The Cabinet Committee on Economic Affairs (CCEA) has approved Capital Investment Subsidy amounting to Rs.264.67 crore to four industrial units located in North Eastern Region (NER) including Sikkim.
It has been approved under Central Capital Investment Subsidy Scheme (CCISS), 2007 of North East Industrial Investment and Promotion Policy (NEIIPP), 2007. The Union Government has been implementing this Scheme to promote industrialization in North Eastern Region.

Significance

The grant of subsidy to industrial units will provide incentives to operational units and also boost confidence of existing investors as well as potential investors in 8 states of NER including Sikkim. CCEA has also revised financial powers for approval of capital investment subsidy claims upto Rs.500 crore which will be now approved by the Union Minister of Commerce & Industry. This will facilitate expeditious settlement of claims.

Month: Current Affairs - December, 2017