Cabinet approves capital investment subsidy for industrial units in North East

New Delhi [India]: The Cabinet Committee on Economic Affairs (CCEA) today approved capital investment subsidy to four industrial units located in North Eastern Region (NER), including Sikkim under Central Capital Investment Subsidy Scheme (CCISS), 2007 of North East Industrial Investment and Promotion Policy (NEIIPP), 2007.

The subsidy amounting to Rs.264.67 crore was cleared with a view to promote industrialisation in the region.

The CCEA, chaired by Prime Minister Narendra Modi, also revised financial powers for approval of capital investment subsidy claims upto Rs 500 crore which will now be approved by the Minister of Commerce and Industry. This aims to facilitate expeditious settlement of claims.

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 the states of NER. (ANI)