New Delhi, May 23 (KNN) The North East Industrial and Investment Promotion Policy (NEIIPP) which was revoked have caused a great loss to the industrial growth in the North Eastern States.

While there have been talks of brining a new policy, the industry says with no policy in place, the state is already suffering.

Talking to KNN, R.S Joshi of the Federation of Industry and Commerce of North Eastern Region (FINER) explained the situation.

He said that the NEIIPP that at once led to the significant growth on the sector amounting up to Rs 5000 crores was revoked for no reason.

Commenting upon the recent hints made by Nirmala Sitharaman regarding a new policy that is likely to be introduced  by the NITI Aayog in the region, he said that mere announcements is of no good to the industry.

“The situation is worrisome with no policy at present, there is absolutely no fresh investments ever since the policy was suspended” he added.

Investments of 10,000 crores would have been flowing into the state. Also the entire north-eastern region would have benefitted with investments of more than 30,000 crores in total, had the policy been continued Joshi informed.  

Joshi further elaborated that the industry in the region is a source of majority of the people as not everyone is involved in agriculture. Therefore a stagnant industry means rising unemployment. Other allied problems due to unemployment have already started.

Joshi informed that his association had suggested that till a new policy is formulated, the government should continue with the existing one so that the situation could be tackled, but the plea went unnoticed.

The industry along with the Chief Minister of the State Sarbananda Sonowal, have been pushing for the policy ever since there was an uncalled suspension of the NEIIPP.  They have submitted a number of representations and memorandums to the ministry and concerned officials.

Joshi said that the industry is expecting some big announcement from Prime Minister Narendra Modi who is to visit the region on 25^th of May. (KNN/ DA)