FINER hails Union Budget 2023-24 presented by Union Finance Minister Nirmala Sitharaman

 STAFF REPORTER

GUWAHATI: Federation of Industry and Commerce of North Eastern Region (FINER) has hailed the Budget 2023 presented by Union Finance Minister Nirmala Sitharaman on February 1.

Welcoming the budget, Bajrang Lohia said that the Finance Minister presented a citizen-centric, growth-oriented budget, which clearly sets the priorities going ahead, aiming at a stable tax regime. The budget focuses on the youth, women, and disadvantaged in general, and strives for enabling opportunities among the people. The announcement of laying Rs.2491 crore for the North East Special Infrastructure Development Scheme is a huge relief to the industry fraternity of the region. Under the scheme, 100 percent centrally funding is provided to the State governments of North Eastern Region for the projects of physical infrastructure relating to water supply, power and connectivity enhancing tourism and social infrastructure relating to primary and secondary sectors of education and health.

The capital investment is being increased substantially to Rs 10 lakh crores that would be three times the outlet that was provided in 2019. This substantial increase in recent years is to enhance growth and job creation. The rise in investment in infrastructure and productive capacity will be a boon to employment generation. It is quite appreciative that the highest ever capital inlay of Rs. 2.4 lakh crore for railways has been laid aside. The budget also emphasized on setting up AI centres which would have a huge impact on the sectors of agriculture and health. The Budget envisages an open-source digital infrastructure for agriculture and an agriculture accelerator fund focused on youth in rural areas. The budget dictates the government push to make India the millet hub. Moreover, the Agriculture Accelerator Fund would encourage innovative start -ups in rural areas. The Union Budget 2023-24 is an all-inclusive fiscal booster dose for the industries, which would enable the Indian economy to be back on a high growth trajectory, and also pave the way for the next 25 years. The simplified tax benefits would not only enhance MSMEs, cooperatives and start-ups, it also rationalizes tax benefits of authorities, boards and commissions. We in the North East however do not see any mention of the Industrial Policy for the North East, which expired last year. The share in Private Investment in the North East has shrunk substantially over the years after the completion of the period of North East Industrial & Investment promotion policy (NEIIPP, 2007). We would hope that the announcement thereof would be there sooner than later. Overall, in the budget, there is increased focus on employability, AI inclusion in different sectors, employment generation in the MSME sector and recruitment with a view to formalize entrepreneurial opportunities. As a signal of fiscal stability, the government has done well not to tinker with rates and make cosmetic changes. For pandemic hit the economy, buoyancy in tax revenue and record GST collection, signals that economy is poised for unprecedented growth barring unforeseen circumstances.

Also Read: Economy on right track, focus on reforms: Finance Minister Nirmala Sitharaman

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