Union Budget pragmatic for transformative growth in Northeast: FICCI

Syllad | The Rising MeghalayaJuly 23, 2024

The Union Budget for 2024-2025, presented by Finance Minister Nirmala Sitharaman, has been hailed as a pragmatic budget, particularly for its extensive focus on the development of the northeastern states, FICCI North East Advisory Council (NEAC) said.

FICCI-NEAC chairman Ranjit Barthakur said, “The Union Budget is a positive step towards the holistic development of the northeastern states. The significant allocations for infrastructure and connectivity, particularly 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,” Barthakur said.

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.”

Speaking on the tourism sector, 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.