‘Promoting MSMEs in North East Region and Sikkim’

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‘Promoting MSME in North East Region and Sikkim’

Recently, new guidelines were approved for the Central Sector Scheme ‘Promotion of MSME in North East Region and Sikkim’.

This scheme is being operated by the Ministry of Micro, Small and Medium Enterprises (MSME). Under this scheme, financial assistance will be provided to MSMEs in the North Eastern Region (NER) and Sikkim. With this help, they will be able to increase productivity, enhance competitiveness and build capacity.

The scheme will be implemented during the 15th Finance Commission period (2021-22 to 2025-26).

Components of scheme:

  • Establishment of new mini technology centers and modernization of existing centers: Under this, projects involving creation of common facilities supporting manufacturing, testing, packaging, R&D, product, process innovations and training for natural resources in the North East region and Sikkim. Priority will be given.
  • Development of new and existing industrial estates.
  • Development of tourism sector: It deals with creation of common services like kitchen, bakery, IT infrastructure, center for cultural activities etc.

Establishment of large industries is difficult due to topographical challenges in the North East region. In such a situation, it will help in providing employment to the MSME sector in the Northeast. At the same time, it will also help in bringing about an overall balanced development. The development of MSMEs will also help in meaningful participation of the North Eastern Region in India’s Act East Policy.

Various Government Initiatives to Promote MSME in North East Region

  • Northeast Development Finance Corporation Limited (NEDEL) is running schemes for Corporate Finance, Equipment Finance, and Northeast Handloom Handicrafts etc.
  • The subsidy is being given to MSME units under the Prime Minister’s Employment Generation Program (PMEGP). The Northeast Rural Livelihoods Project (NERLP) is being run to improve rural livelihoods. In this, livelihood support is being given especially to women, unemployed youth and the most disadvantaged.
  • Northeast Industrial Development Scheme (NEIDS) is being run to give impetus to the MSME sector.

Source – The Hindu

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