North Eastern Industrial and Investment Promotion Policy launched

Bangalore, Apr 1 (UNI) The Union Government has launched the North Eastern Industrial and Investment Promotion Policy to woo the investors for development of most underdeveloped North Eastern States, Union Minister for North Eastern States Mani Shankar Aiyar said today.

He said that the Policy, which came into effect from today, was aimed to attract investors to invest in the Eight States of North Eastern Region for overall development.

Mr Aiyar was speaking at a Road Show of Third North East Business Summit, hosted by Bangalore Chamber of Industry and Commerce (BCIC) here.

He said the Union government has decided spend Rs 50,000 Crore for the next five years at Rs 10,000 Crore per year for the development of North Eastern States. ''Plenty of money available but no measures to absorb it'', he added.

Mr Aiyar said that during his tour abroad, Thailand has shown interest in taking up road construction in NE States.

Inviting entrepreneurs to invest in NE States. Mr Aiyar said that his Ministry has decided to make available construction machineries on lease for road construction.

He said that the potential available for generating more than 60,000 Mw of power was not tapped properly in NE Region.

Mr Aiyar said that with Union government offering more than 90 per cent finance and State governments Seven per cent finance, an investor has to invest only three per cent.

He said that the Union Government has decided to earmark 10 per cent of the budget for development of NE States and to avoid the fund getting lapsed it was also decided to transfer the unspent fund to a separate Fund which can be utilised later.

UNI