The Union Budget for 2024-2025 presented by Finance Minister Nirmala Sitharaman was hailed as a “pragmatic budget”, particularly for its extensive focus on the development of the northeastern states of India.
According to The Economic Times, Ranjit Barthakur, the Chairman of FICCI North East Advisory Council (NEAC) said that 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, Barthakur said.
According to Barthakur, Northeast needs 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 said.
Barthakur 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, will transform the agricultural scenario in 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,” Barthakur said.
Ravi Patwa, the Chairman of 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.”
Commenting on the taxation-related proposals, Patwa said “The time limits for the reopening of assessments has been significantly reduced and the simplification of income tax and GST structures along with various customs duty changes, will promote domestic manufacturing and exports”.
Speaking on the Tourism Sector, Joydeep Gupta, Co-Chairman of FICCI Assam State Council said that 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,” he said.