Centre approves Capital Investment Subsidy of Rs 264.67 Cr for NE industrial units

New Delhi, December 16 : The government on Friday approved capital investment subsidy amounting to Rs 264.67 Crore to four industrial units located in North East, including Sikkim. The decision was taken at a meeting of Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi. 

“The grant of subsidy to the industrial units will not only provide incentives to the operational units but also boost confidence of existing investors as well as potential investors in North Eastern Region (NER),” an official statement said.

The four industrial units are located in North East including Sikkim. The subsidy has been granted under the Central Capital Investment Subsidy Scheme (CCISS), 2007 of the North East Industrial Investment and Promotion Policy (NEIIPP), 2007. Government of India has been implementing this scheme to promote industrialization in the North East.

“The CCEA has also revised financial powers for approval of capital investment subsidy claims up to Rs 500 Crore which will be now approved by Minister of Commerce and Industry. “This will facilitate expeditious settlement of claims,” the statement added.