Sikkim Chamber of Commerce welcomes NEIIPP policy

Gangtok, Mar 30: Sikkim Chamber of Commerce (SCC) has welcomed the inclusion of Sikkim in the North East Industrial and Investment Promotion Policy (NEIIPP), 2007 offering an extensive package of fiscal incentives and concessions to Sikkim and other NE states.

Sikkim had been included under North East Industrial&Investment Promotion Policy (NEIIPP) 2007 with Union Cabinet Committee on Economic Affairs approving the policy yesterday.

With Sikkim being included under the policy, the "New Industrial Policy and other concessions for the State of Sikkim" announced earlier in December, 2002 would be discontinued from the date of notification of NEIIPP, 2007, a PIB release said.

SCC president S.K.Sarda said it was a landmark policy decision and congratulated Chief Minister Pawan Chamling and Industries Minister R.B.Subba for their untiring efforts to secure the above inclusion for Sikkim.

''As per reports coming, the policy will be in place for 10 years.

The biggest attraction of the policy is that it covers manufacturing as well as service sectors. This will lead to massive investments in industrial as well as tourism sector in Sikkim,'' Mr Sarda, in a press statement, said.

Another advantage of the policy is that henceforth manufacturing or service sector units established in any part of Sikkim would get the benefits of income tax exemption, excise duty exemption, interest subsidy and a massive dose of capital subsidy, he said.

''All these augur well for states like Sikkim. It will lead to massive investments and substantial employment opportunities for the people of the state,'' Mr Sarda said.

UNI