Assam Industrial and Investment Policy (Amendment), 2023: All you need to know!

In a landmark decision the Government of Assam has amended the Assam Industrial and Investment Policy 2019” for making Assam a globally competitive investment destination which will not only enhance the state’s sustainable growth but also will ensure a balanced economic growth. The primary goal of this amendment is to make Assam a preferred investment destination for which already 5 companies are in the process of setting up units in the State under this policy with a total investment of around Rs. 3000 crore.

What is  Assam Industrial and Investment Policy 2019?

The Assam Industrial and Investment Policy 2019 came into effect from 1^st September 2019 for a period of 5 years with a vision and objective for sustainable eco-friendly investment through capital formation, inclusive industrial growth and employment generation in mainly Manufacturing (Like Food Processing, Cold Storage, Bamboo Industries, Sugar Industries, Jute Industries, Plastic Industries, Pharmaceuticals, Textile, Engineering, Rubber and Automobiles) and Service sectors (Hotels/Resorts, River Cruise, Generation of power through Green Initiative). Please click on the link below for detailed view of the Assam Industrial and Investment Policy, 2019:

https://industries.assam.gov.in/sites/default/files/swf_utility_folder/departments/industries_com_oid_4/portlet/level_2/final_industrial_and_investment_policy_of_assam_2019.pdf

Please click on the following link for operational guidelines on Assam Industrial and Investment Policy, 2019:

industries.assam.gov.in/sites/default/files/swf_utility_folder/departments/industries_com_oid_4/portlet/level_2/operational_guidelines_of_industrial_and_investment_policy_2019.pdf

What is the Assam Industrial and Investment Policy (Amendment), 2023?

The Assam Industrial and Investment Policy (Amendment), 2023 has amendment the sub-Clause 14.9-  “The State Government may provide special dispensation to the unit where the investment in fixed capital investment is above Rs 1000 Cr (One Thousand Crore) or generating a minimum of 2000(two thousand) regular employment” of Industrial and Investment Policy of Assam 2019 which reduced the minimum investment Criteria to Rs 100 Crore from 1000 Crore and also the criteria for numbers of permanent employees to 200 from 2000. The Mega Project Units may look up for the incentives for their projects in the following contours:

1. Capital Investment/Production Linked Subsidy
2. Subsidy on Power Tariff
3. Subsidy on Land
4. Subsidy on Drawl of Power Lines
5. Stamp duty Reimbursement
6. Employment/Payroll Subsidy
7. Any other incentive including government assistance for Road Connectivity, Power line Installation and providing utility support.

Eligibility conditions:

The above-mentioned incentives are subject to the fulfilment of the following conditions:

1. Initially Rs 100 Crore investment must be done by the Mega Project.
2. Minimum of 200 employments are required (which can be relaxed by the Empowered Committee in case of special nature of the Industry Service)
3. 90% of the grade III/IV and non-skilled employment shall be for the candidates of the state. 

Recent MOU’s which bring invertments worth Rs 3114 Cr.

1. M/s Kesar Petro Products for an investment of Rs 2000 Cr which will generate 200 direct and 1800 indirect employment.
2. M/s Longspan Structures Pvt Ltd for an investment of Rs 129 Cr which will generate 220 direct and 180 indirect employment.
3. M/s SBL Biscuits Pvt Ltd for an investment of Rs 139.14 Cr which will generate 200 direct and 350 indirect employment.
4. M/s Umrangshu India Cement LLP for an investment of Rs. 285 Cr which will generate 300 direct employment and 700 indirect employment.
5. M/s Sunit Breweries Pvt Ltd for an investment of Rs. 151 Cr which will generate 200 direct and 200 indirect employment.
6. M/s Jericho Food and beverages LLP for an investment of Rs. 410 Cr which will generate 300 direct and 500 indirect employment.

Empowered Committee of the Assam Industrial and Investment Policy

The Empowered Committee will be chaired by the Minister, IC&PE Department. The Member Secretary will consist of Senior Most Secretary of Dept of Industries and Commerce and Public Enterprises. The Commissioner & Secretary or his representative of finance Department, Senior Most Secretary or his representative of Revenue & Disaster Management Department, Senior Most Secretary or his representative of Power Department, Senior Most Secretary or his representative of Tourism Department, Commissioner Taxes and any other official co-opted by the chairmen of the empowered committee shall evaluate and recommend the package of incentives of the Mega Project. Such project will be forwarded to the Cabinet for approval after obtaining ascent from the Hon’ble Minister, IC&PE.

Frequently Asked Questions (FAQs):

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