Introduction
The North East Region (NER) of India, known for its unique cultural heritage and abundant natural resources, is witnessing a transformative phase of development. With initiatives like the Prime Minister’s Development Initiative for North East Region (PM-DevINE) and the Uttar Poorva Transformative Industrialization Scheme (UNNATI), the Government of India is paving the way for growth and prosperity. This blog highlights these initiatives and how Shiva Consultancy Group can assist businesses and entrepreneurs in leveraging their benefits.
PM-DevINE: Creating a Developmental Ecosystem
What is PM-DevINE?
Launched in the Union Budget 2022-23 with an initial outlay of Rs. 1500 crore, PM-DevINE aims to accelerate infrastructure and social development in NER. Approved with a total budget of Rs. 6600 crore for FY 2022-23 to FY 2025-26, its objectives include:
- Infrastructure development integrated with PM Gati Shakti.
- Social development projects addressing the unique needs of NER.
- Livelihood opportunities for youth and women.
- Bridging developmental gaps across key sectors.
Why It Matters for Entrepreneurs
With 35 projects worth Rs. 4857.11 crore already sanctioned as of November 2024, the scheme offers significant opportunities for businesses to participate in sectors such as transportation, healthcare, and skill development. Entrepreneurs can engage in these projects to establish a foothold in NER’s growing market.
UNNATI Scheme: A New Industrial Revolution
About UNNATI
Replacing the North East Industrial Development Scheme (NEIDS) in 2024, UNNATI is designed to:
- Enhance regional infrastructure.
- Generate employment opportunities.
- Boost industrial resilience and sustainability.
Key Benefits for Businesses
Under UNNATI, businesses can avail:
- Capital Investment Incentives: Support for setting up or expanding units.
- Capital Interest Subvention: Lower interest rates on loans.
- Manufacturing & Services Linked Incentives: Rewards for performance in these sectors.
Funding Insights
Between 2019-20 and 2023-24, the government earmarked 10% of the annual Gross Budgetary Allocation for NER development, amounting to Rs. 3,53,412 crore. This substantial investment underscores the region’s potential as a business destination.
How Shiva Consultancy Group Can Support You
Shiva Consultancy Group specializes in guiding businesses and entrepreneurs to successfully navigate and leverage government schemes for growth. Here’s how we can assist:
1. Project Identification and Strategy
We help identify the right projects under PM-DevINE and UNNATI that align with your business goals, ensuring maximum benefits.
2. Accessing Incentives
Our team provides comprehensive support in applying for and availing incentives under these schemes, simplifying processes and minimizing delays.
3. Financial and Policy Advisory
We offer tailored financial planning and policy insights to optimize your investments and ensure compliance with government regulations.
4. Skill Development and Workforce Readiness
We organize training programs to prepare your workforce for new opportunities, especially in emerging sectors in the NER.
5. End-to-End Execution Support
From planning to implementation, we provide hands-on assistance to ensure your projects are executed successfully, meeting both deadlines and quality standards.
Why Invest in the NER?
The North East Region offers:
- Strategic location: Proximity to Southeast Asia, making it a trade hub.
- Abundant resources: Rich biodiversity and untapped potential in agriculture and tourism.
- Government support: Substantial investments in infrastructure and industry-specific schemes.
By leveraging these factors and aligning with government initiatives, businesses can achieve sustainable growth while contributing to regional development.
Conclusion
NER is on the cusp of a remarkable transformation, presenting unparalleled opportunities for entrepreneurs and businesses. By partnering with Shiva Consultancy Group, you can effectively navigate the complexities of government schemes like PM-DevINE and UNNATI, unlocking the full potential of your investments.
For more information or personalized support, visit us at http://shivagroup.org.in or contact us at rksjha@live.in.