Guwahati: Assam is all set to get a new industrial and investment promotion policy with a new package of incentives.

A discussion was held here on Tuesday on the draft Industrial and Investment Promotion Policy of Assam, 2018, during the stakeholders conference, which was chaired by industries and commerce minister Chandra Mohan Patowary. The meet was attended by senior officials of the department and central public sector undertakings as well as representatives of trade associations. The meeting also discussed the draft export policy.

The draft industrial and investment promotion policy offers fiscal incentives such as reimbursement of state goods and service tax as well as stamp duty; subsidy on power, power generating sets and drawing of powerline, provision of top-up working capital loan and financial assistance to micro, small and medium enterprises that are listed on National Stock Exchange as well as assistance for environmental compliance.

It also offers higher subsidy for units set up in the hill districts of the state.

It says the Centre has identified the northeastern states as a potential destination for investment and declared a package of incentives under the North East Industrial Development Scheme (NEIDS). It also says that Dispur has come up with the new package of incentives to supplement the central package and further attract investment.

It says the state government realises that industrial development requires largescale private sector participation, with the government playing the role of a facilitator and a catalyst.

It says it is envisaging Assam as a preferred destination for investment through good governance and policy initiative.

All new industrial units in manufacturing sector and services sector will be eligible for incentives under the policy. The units will have to employ a minimum of 80 per cent people from Assam in the managerial cadre and a minimum of 90 per cent people from Assam in the non-managerial cadre.

The minister listened to the queries raised by the trade associations and said their suggestions would be incorporated after discussions.

A source said the present policy, effective since March 1, 2014, is valid till February 28, 2019, but the state government may introduce the new policy before the current one expires.

The draft policy could be effective from October this year and will remain in force for a period of five years up to September 30, 2023, or till the declaration of a new or revised policy, whichever is earlier.