Whereas the local industries are facing the heat to the maximum as they have no option to shift bases, big companies are keeping the pulling-out option open. Several immediate investment plans by some big fast moving consumer goods (FMCG) companies have been put on hold for the time being.
Sushil Goenka, managing director of Emami, told Business Standard that though he is hopeful that the centre would eventually reconsider the decision to restrict excise exemption, he feels that if the notification prevails, it might affect investments from big corporate houses in the future in the region.
When asked if Emami will consider shifting its bases from North East to other states, like Uttaranchal and Himachal where such benefits are still available, Goenka said: "that will force you. Without financial viability no one can operate." Emami has Rs. 500 crore investment proposal for the region in the coming days.
As of now, Goenka said, he is busy persuading the centre to annul the recent amendment to the central excise notification than thinking on its future course of action in North East. "We want a long term association with Assam and North East," Goenka added.
With every passing day costing precious, the industry of the region has gone on an overdrive and is vying its best to persuade upon the union government to reconsider its decision.
Today the industry made a representation before the chief minster and industry minster of Assam under the banner of Federation of Industry and Commerce of North Eastern Region (FINER)