The Federation of Industry and Commerce of North Eastern Region (FINER) on Tuesday welcomed the initiative of NITI Aayog and the Department of Industrial Policy and Promotion (DIPP) for setting up a committee to seek views from stakeholders in the North-East before formulating a new industrial policy for the region.

“We welcome the initiative of NITI Aayog and committee of DIPP to seek opinions from stakeholders here in its bid to assess the situation from the ground level before coming up with a new industrial policy for the North East”, FINER president Pabitra Buragohain said here.

NITI Aayog CEO and Chairman of the Committee Amitabh Kant will be meeting industry associations and stakeholders in the city on Wednesday.

“In this regard, FINER has prepared a wishlist that will help the Committee formulate a suitable Industrial Policy for the North- East, one that will help sustain long term growth and development of industries in the region,” he said.

FINER has suggested that the NEIIPP 2007 scheduled to expire on March 31, 2017 should be extended for a period of 1 year 11 months (the period for which the NEIIPP 2007 was kept under suspension or till the new industrial policy is announced, whichever is earlier).

“Now, another important consideration that the committee can make in order to attract large scale investments to the North-East, is exemption of hundred per cent excise duty, as was originally notified and which may be notified under the GST expected to come into force later in 2017”, he said.

Along with excise, we also suggest that 100 per cent Income Tax Exemption, as was available in the 2007 policy, should be notified for further periods, by making suitable amendment in the Income Tax Act, 1961, so that more industries may come forward,” Buragohain added.

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