The need for specific banking policy for North East Region which could ensure financial inclusion, address the low CD ratio in the region, and ensure adequate institutional credit to Agriculture sector was also taken up with Sinha.
The Centre should restore the North East Industrial and Investment Promotion Policy, 2007, to give a boost to manufacturing and commerical activities in the region, an industry body said.
A delegation of Federation of Industries and Commerce of North Eastern Region (FINER) held a video conference with Union Minister of State for Finance Jayant Sinha on the forthcoming Union Budget 2015-16.
The delegation urged him the need to restore NEIIPP 2007 or else it would virtually exclude the North East from Prime Minister?s initiative of "Make in India" and DONERS "Make in North East" would be a non-starter, a FINER release said.
More specifically there was a need for restoration of Income Tax exemption benefit by doing away with tax at maximum rates on incentives, restoration of excise duty exemptions as was envisaged and doing away with MinimumAlternate Tax and Alternate Minimum Tax for the North East was explained, it said.
The need for specific banking policy for North East Region which could ensure financial inclusion, address the low CD ratio in the region, and ensure adequate institutional credit to Agriculture sector was also taken up with Sinha.
The issue of arbitrary change of jurisdiction (from North East Region to Kolkata) in the matter of charitable trusts and institutions and long term scientific measures for addressing the economic imbalance of North East Region primarily caused by the onslaught of partition, was also raised with the minister.
Sinha assured that the issues would be addressed in the forthcoming Union Budget 2015-16 and agreed to have periodical review and interaction with FINER.
This was the first ever video conference of its kind in the North East region where central ministers were directly interacting with stake holders.
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