INDUSTRY

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. Assam Chief Minister Himanta Biswa Sarma thanked Sitharaman for proposing special assistance to the state to meet the challenges posed by ongoing floods in Assam.

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 river- ways, international road and rail connectivity, and airways. He expressed confidence that the significant allocation towards capital expenditure will help address these needs. 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.

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.

Ravi Patwa, Chairman of FICCI Assam State Council 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.

The comprehensive development initiatives and investments in cultural heritage sites and natural landscapes will position the northeast as a key tourist destination. The Budget 2024 is a testament to the government’s dedication to integrating the Northeast with the rest of the country’s growth trajectory.

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.

In sum, the budget 2024 has made an honest attempt to bring these backward Himalayan region into the national mainstream and create necessary ambience to kick-start these economies to compete with other states in the country. Some of these states are already fast catching up with the rest of the country. Also the recent announcement of TATAs to set up a huge semiconductor manufacturing facility in Assam will give a boost to the region.There are steps being taken to attract FDI in Jammu and Kashmir from the middle-east. All this augur well for the economic development of the Himalayan region.

Source: Himalayan News Chronicle