Union industry minister Anand Sharma on Saturday disappointed the industry of North-East as he could not assure any timeframe to restore the excise duty benefits that the industry of the region enjoyed under the North-East Industrial and Investment Promotion Policy (NEIIPP) 2007, till March 2008.
“I can not give you any timeframe. My ministry has taken up the matter with both the prime minister and finance minister. We are trying to resolve it,” said Sharma.
When reminded that more than two years had passed and the matter remained unaddressed, the minister could only say that “quick follow-ups” will be done with finance ministry.
Assam’s industry minister Pradyut Bordoloi too said at the industry ministers’ conclave, in the presence of Shamra, that “dilutions in NEIIPP was affecting industry of the region.”
The centre, through a notification on 27 March, had withdrawn the total exemption of excise duty paid from the personal ledger account (PLA) and allowed exemption only up to 56 per cent of total excise duty paid from PLA on medicines, cosmetics and toiletries. The ratesvary from industries to industries.
Since then, the industry of the region has been demanding withdrawal of the notification as it was affecting balance sheets of companies and also value-addition in the economy in the larger context.
The notification has affected more or less all the units in North-East invarying degrees. Local entrepreneurs say that it has now become difficult for industries in North-East to arrive at more value additions.
