Invest India signs MoU to strengthen IPA
Thirty-five projects worth Rs.4,857.11 crore have been sanctioned as of 30 Nov 2024 under the Prime Minister’s Development Initiative for North East Region (PM-DevINE) Scheme, Minister of State for Development of North Eastern Region Dr Sukanta Majumdar said in a written reply to a question in Lok Sabha 11 Dec https://www.conexpoconagg.com/.
It was announced as a new Central Sector scheme, with 100% Central funding in the Union Budget 2022-23 with initial outlay of Rs.1,500 crore. The Cabinet on 12 October 2022 had also approved the Scheme with a total outlay of Rs.6,600 crore for the period from FY 2022-23 to FY 2025-2026 https://www.globaltenders.com/.
The year-wise details of the projects sanctioned and funds released during the last three years are as under:
In 2022-23, seven projects, costing Rs.646.06 crore, received Rs.121.19 crore.
In 2023-24, 18 projects, costing Rs.3,437.27 crore, received Rs.7.78 crore.
In 2024-25 (till Nov. 2024), 10 projects, costing Rs.773.78 crore, received Rs.540.29 crore.
The usual time frame for completion of a project is 2 to 3 years after award of the work.
Separately, a MoU has been signed by Invest India to Promote Economic Development in North East Region (NER) with the Ministry of Development of North Eastern Region https://sbi.com.in/.
This is to strengthen the Investment Promotion Agency (IPA) of the North Eastern (NE) states and to assist the NE State Government to meet the objectives of attracting, facilitating and increasing investments in their states, he said https://www.nseindia.com/.
The activities and deliverables include smooth investment facilitation, focused investment, improvement in investment ecosystem & Ease of Doing Business (EoDB), development of mutually beneficial partnerships for investment, support in the preparation of investor-friendly policies, identification of key growth sectors and build partnerships for investment and commerce; which would help in leveraging the resources of North Eastern states to ensure sustainable development and inclusive growth, elaborated the Minister https://www.bseindia.com/. Fiinews.com
