Guwahati, July 23: Though there is nothing direct for industry for the Northeast, industry chambers feel that the region can take benefit from the allocations in different heads.
Ranjit Barthakur, Chairman of FICCI North East Advisory Council (NEAC), says 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 INR 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.”
Barthakur emphasized the need for substantial investment in connectivity infrastructure in the Northeast, including riverways, international road and rail connectivity, and airways. He expressed confidence that the significant allocation towards capital expenditure will help address these needs.
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He further highlighted the allocation of INR 1.52 lakh crore for agriculture and allied sectors, along with targeted support for shrimp production and the creation of large-scale vegetable clusters. This is poised to transform the agricultural landscape of the northeastern states.
The budget also underscores the government’s commitment to combating climate change and promoting environmental sustainability. It includes policies for renewable energy projects, sustainable energy solutions, and initiatives aimed at reducing carbon footprints. The focus on green growth, including the PM Surya Ghar Muft Bijli Yojana, highlights the importance of integrating environmental considerations into economic development. The northeastern states, with their rich biodiversity and unique ecosystems, will benefit greatly from these initiatives.
Barthakur says the next generation reforms outlined in the budget are crucial for the northeastern states. “Collaboration with states for land-related reforms and urban planning will address our unique challenges and improve productivity and market efficiency. This will drive overall economic development in the region” he adds.
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Ravi Patwa, Chairman of FICCI Assam State Council mentioned that 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, welcomed the promotion of tourism in the northeastern states. “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,” he said.
Sarat Jain, Chairman of the ICC Assam and Meghalaya Committee, commended the 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.
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Jain emphasized that the Budget 2024 is a testament to the government’s dedication to integrating the Northeast 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.
The ICC looks forward to collaborating with the government and other stakeholders to effectively implement these initiatives and ensure that the benefits reach every corner of the region. According to ICC, the budget is growth-oriented, focusing on infrastructure, manufacturing, saving stimulus, and addressing issues in agriculture, education, skill development, and public health, making a concerted effort towards inclusive growth.
The Federation of Industry and Commerce of North Eastern Region (FINER) says a notable highlight of the Budget was the allocation of assistance for flood management and related projects in Assam, a measure warmly welcomed by the attendees. This step is expected to significantly aid in mitigating the adverse impacts of floods in the region, promoting sustainable development and resilience.
Additionally, the Budget emphasized economic measures such as initiatives to transform cities into dynamic growth hubs, including Transit Oriented Development (TOD) plans for 14 large cities. Education, employment, and skilling were given significant importance. The GST regime is set to be simplified, further supporting the economic growth agenda. India’s economic growth remains robust, characterized by low and stable inflation, targeting 4%.
Mr. Bajrang Lohia, President of FINER, praised the Union Budget 2024, highlighting its comprehensive coverage of almost all sectors. He particularly appreciated the special focus on agriculture and infrastructure, and welcomed the announcement of the UNNATI Policy as a significant step towards the development of industries in the region.
The Tea Association of India says the Pradhan Mantri Cha Shramik Protsahan Yojana” (PMCSPY) devised for the welfare of Tea workers especially women and their children in Assam and West Bengal would be of great benefit. 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 interalia 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.
Also Read: Assam CM thanks Finance Minister for special assistance
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