New Delhi, Mar 7 (IANS): The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved the proposal for the Uttar Poorva Transformative Industrialisation Scheme, 2024 (UNNATI-2024) for a period of 10 years from the date of notification, along with 8 years for committed liabilities at a total cost of Rs 10,037 crore, to boost development and create jobs in the northeastern states.

This will be a Central Sector Scheme. The scheme is proposed to be divided into two parts. Part A caters to the incentives to the eligible units (Rs 9,737 crore), and Part B is for implementation and institutional arrangements for the scheme (Rs 300 crore).

The proposed scheme envisages approximately 2,180 applications, and it is anticipated that direct employment opportunities of about 83,000 will be generated during the scheme period. A significant number of indirect employment is also expected to be generated, according to an official statement.

The scheme's main objective is to generate gainful employment, which will lead to the area's overall socio-economic development. It will create productive economic activity in the manufacturing and service sectors.