Industry bodies in Northeast India hailed the Union Budget 2024-2025 as a positive step towards the holistic development of the northeastern states. Ranjit Barthakur, Chairman of FICCI North East Advisory Council (NEAC) said , “The Union Budget 2024-2025 is a positive step towards the holistic development of the northeastern states. The significant allocations for infrastructure and connectivity, particularly the Rs 1.11 lakh crore for capital expenditure and specific assistance for flood management in Assam, will bridge the regional disparities and enhance the connectivity of the northeast with the rest of the country. This budget truly recognizes and addresses the unique needs of our region.”
“We need substantial investment in connectivity infrastructure in the Northeast, particularly in riverways, international road and rail connectivity as well as Airways, I am sure the significant allocation towards capital expenditure will help address this need.”
He further added “the allocation of Rs 1.52 lakh crore for agriculture and allied sectors, along with targeted support for shrimp production and the creation of large-scale vegetable clusters, is poised to transform the agricultural landscape of the northeastern states. The introduction of digital public infrastructure for agriculture will provide farmers with crucial information and resources, boosting productivity and profitability. Furthermore, the emphasis on natural farming and increased agricultural credit will enhance overall agricultural output. I am confident the Northeast will benefit from this. I also hope Agro Forestry will be included under this initiative.”
Ravi Patwa, Chairman FICCI Assam State Council complimented the finance Minister on the budget’s inclusive approach towards human resource development, saying, “The allocation of Rs 2.66 lakh crore for rural development, including education, health, and social justice programs, is a testament to the government’s commitment to inclusive growth.”He further added the budget’s support for MSMEs, including credit guarantee schemes and financial support for food irradiation units, will significantly benefit the northeastern states. The development of MSME clusters and e-commerce hubs will boost local manufacturing and service industries. Special financial incentives for MSMEs in the northeastern states will enable them to compete globally and contribute to the region’s economic growth.Patwa also said “the operationalization of the Anusandhan National Research Fund and a venture capital fund for the space economy will support research and innovation initiatives relevant to the northeastern region. Funding for local universities and research institutions will foster innovation and technological advancement, driving economic growth and development.”Joydeep Gupta, Co Chairman of FICCI Assam State Council said, “The promotion of tourism in the northeastern states is a welcome move. The comprehensive development initiatives and investments in cultural heritage sites and natural landscapes will position the northeast as a key tourist destination. This will not only enhance our region’s visibility but also create new economic opportunities for local communities.”
Tax incentives aimed at boosting local industries in the northeastern states and simplified tax compliance measures will encourage entrepreneurship and economic activity in the region.
The Tea Association of India stated budget proposals for FY: 2024-25 that is strong on employment & skill development, boosting rural economy, capital expenditure, has provided fillip for certain sectors like promotion of tourism, clean energy and adopting a new policy towards upgrading digital infrastructures in various spheres such as agriculture etc.
The Tea Association of India is grateful for the scheme “Pradhan Mantri Cha Shramik Protsahan Yojana” (PMCSPY)” devised for the welfare of Tea workers especially women and their children in Assam and West Bengal. As proposed earlier in the Budget Speech of 2021-22, Rs. 1,000 crores will be provided for the same and is aimed at making need-based interventions in tea garden areas for inter alia strengthening provisions of education and health services to the tea workers. The scheme will be implemented in the period of FY 2024-25 and 2025-26.
Under “Productivity and resilience Agriculture” proposals for Agriculture resilience, release of new climate resilience verities and Digital public infrastructure are proposed, which will surely boost the rural economy of the country.
TAI added that the Government has particularly emphasized on “Employment and Skilling”. Different Skilling programmes along with schemes for Skilling loan with guarantee from Government promoted Fund and Educational loan will help creating efficient workforce in the future. The Tea industry will also be benefitted from the same.
Development of Digital and Banking infrastructure in the Tea growing regions have been a constant demand of the Tea industry for several years. Announcement of “Bank Branches in Northeastern region” is a positive step towards this direction.
The announcement of continuation of PMAY and PMGSY will surely benefit the rural population including the Tea Garden population.
The Indian Chamber of Commerce (ICC), Assam and Meghalaya Committee, has expressed its appreciation for the Union Budget 2024. Sarat Jain, Chairman of the ICC Assam and Meghalaya Committee, commended the Union Finance Minister for recognizing the unique needs and potential of this region. “The 2024 Union Budget has laid a strong foundation for the socio-economic transformation of Assam and the North East. The allocation of funds and the proposed initiatives reflect a commitment to fostering growth, improving infrastructure, and enhancing the quality of life in these states,” said Jain.
Mahesh Saharia, Chairman, North East Regional Council, Indian Chamber of Commerce feels that the Union Budget 2024 –25 represent the intent of the new Government the Roadmap for pursuit of ‘Viksit Bharat’. Sitharaman announced that the Budget is focused on gareeb, women, youth and farmers. The Finance Minister’s announced plans to rise spending create jobs and provide relief to the middle class. There are 9 priorities for Viksit Bharat where government emphasizes like Productivity and resilience in Agriculture, Employment & Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development, Next Generation Reforms.
Sarat Jain appreciated the Pradhan Mantri JanjatiyaUnnat Gram Abhiyan announced for 63,000 tribal villages, benefitting 5 crore tribals. The programme aims at achieving saturation coverage for tribal families in tribal-majority villages and aspirational districts. North east states will be benefitted by the same.
Jain emphasized that the Budget 2024 is a testament to the government’s dedication to integrating the North East with the rest of the country’s growth trajectory. “We are optimistic that these initiatives will not only uplift Assam and the Northeast but also contribute significantly to India’s overall development,” he added.
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