UNNATI Scheme To Strengthen Entrepreneurial Potential - Eastern Mirror
Sunday, June 16, 2024
Dimapur, Nagaland

UNNATI scheme to strengthen entrepreneurial potential

By Henlly Phom Odyuo Updated: May 23, 2024 7:48 pm
UNNATI scheme
P TokughaSema along with the panelists during a seminar on ‘subsidy policy and GST compliance guidelines’ on UNNATI 2024 in Dimapur on Thursday.

DIMAPUR — The director of Industries and Commerce, P Tokugha Sema, on Thursday stated that Nagaland has lost many good opportunities in the past and cannot afford to lose opportunities anymore. In this regard, he stated that Uttar Poorva Transformative Industrialisation Scheme (UNNATI) 2024 is for genuine entrepreneurs, who can change and revolutionise the business culture for the better and not only for availing subsidy.

Sema was speaking at the seminar on UNNATI 2024 organised by the Department of Industries and Commerce, in collaboration with Saurav Sahewalla, a Chartered Accountant from Guwahati, who introduced the participating entrepreneurs on the scheme’s new subsidy policy and GST compliance guidelines, held at Hotel Saramati in Dimapur.

Sema has termed the seminar ‘very crucial programme’ which needs to be sustained to propel industrial growth. He asserted it was only for the genuine entrepreneurs and not for those who only signed up for subsidy. He added that the scheme was crucial to activate the entrepreneurial potential of the state.

‘We are not here to blame anybody for the past. We are not going to blame anybody because our people, our forefathers were never entrepreneurs. We are not going to falter anymore including the department. We should move forward and identify genuine entrepreneurs and support genuine entrepreneurs,” the director asserted.

He further reminded the participants that the scheme was already launched since March 9 and ‘we should not be sleeping over the timeline.’

The president of Business Association of Nagas (BAN), Mongkum Jamir, stated that at times it is always good to reflect things from the past and learn from those mistakes. He advocated for maintaining transparency, responsibility and accountability.

While emphasising on the need for more accountable youth, he affirmed that the scheme was meant only for the genuine entrepreneurs and it will not be like the old days, where one just write projects, cut copy things and submit.

Jamir expressed hope that the scheme and its beneficiaries would be scrutinised often and monitored as well as impose penalty upon those who failed to comply with the scheme.

“I think this is very important especially when we talk about subsidy incentives as there are people who will misuse and who has misused and see that this will not happen and that only genuine entrepreneur get the subsidy,” he pointed out.

He expressed optimism the economy of the state would be elevated only when everyone take the scheme seriously and advocate among friends.

It may be mentioned that the UNNATI 2024 was launched by the Union Ministry of Commerce and Industry on March 9, 2024.

According to Sahewalla, the scheme was designed to strengthen the industrial ecosystem in the eight northeastern states by serving as a catalyst to attracting new investment. It seeks to achieve the target by providing incentives including capital investment to eligible new industrial units and existing ones wishing to expand business, besides capacity building initiatives.

Access to pre-defined process based incentive, streamlined application process and guidance and support from experienced professionals were outlined as the salient features of the scheme.

The scheme which has been effective from March 9, 2024, would remain in force till March 8, 2034. The registration process also commenced on March 9, 2024, and continued till March 31, 2026.

The scheme would be eligible to entrepreneurs or business units, both manufacturing and service sectors, either for starting a new business or expanding an existing one. It defined ‘existing business unit’ as one that started commercial production or operations prior to March 9, 2024, and has a valid Goods and Services Tax Identification Number (GSTIN) in the concerned state of the northeastern region.

By Henlly Phom Odyuo Updated: May 23, 2024 7:48:53 pm
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