FICCI North East Advisory Council hails Union Budget for 2024-2025

Guwahati: 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 of India.

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 INR 1.11 lakh crores 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 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, 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 INR 2.66 lakh crore for rural development, including education, health, and social justice programmes, 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 further 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.” stated a press release.

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