The Federation of Indian Chambers of Commerce (FICCI) Northeast Advisory Council and Assam State council have welcomed the Interim Union Budget 2024, stating that the budget announcements have the potential to serve as a catalyst for sustainable development, economic growth, and social well-being.
In a press release, Ranjit Barthakur, Chairman of FICCI Northeast Advisory council, mentioned that the interim budget is clear and focused on outcomes.
“By bringing together growth, climate, and social empowerment, while addressing the need for balancing investment and fiscal prudence, the interim budget has continued the pro development initiatives of the Government,” Barthakur added.
According to the Chairman, the focus on enabling reforms in the states will strengthen India’s position as a driver of global economic growth, this will have a significant positive impact in the Northeast as well.
The substantial increase in capital expenditure to ₹11,11,111 crore reflects a strong commitment to improving our infrastructure, which is key to unlocking the region’s economic potential.
Meanwhile, Ravi Kr. Patwa, Chairman, FICCI Assam State council viewed that the emphasis on blue economy, EV Ecosystem, Tourism and multimodal logistics and the creation of the corpus of Rs. One Lakh Crores for R&D are particularly welcomed, where Assam could benefit from these initiatives.
“The fiscal performance during the current financial year and the targeted approach for the next financial year also bode well for the economy,” stated Patwa.
He also acknowledged the significance of private and public investment in post-harvest activities, which is a move in the right direction and will enhance productivity of the agricultural value chain, particularly relevant to the Northeast region. “The focus on the agrarian sector, particularly through PM-KISAN, supporting 11.8 crore farmers, resonates deeply with our predominantly agricultural landscape” Patwa said.
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Patwa also welcomed the move to give relief from trivial direct tax related issues by nullifying direct tax demands upto Rs. 25000 till FY 2009-10 and Rs. 10000 till FY 2014-15.
“This could be a transformative initiative and besides substantial savings for households, this will go a long way in ensuring India’s energy security,” stated Joydip Gupta, Co Chairman of FICCI Assam Council, lauding the budget’s emphasis on rooftop solarisation. He also welcomed the focus on tourism particularly the focus on development of Tourism Infrastructure.
Gupta also welcomed the focus on achieving self-reliance in oilseeds and the comprehensive dairy development programme, anticipating a boost to the agricultural sector. The proposed investments in fisheries through Matsya Sampada and the broader focus on agriculture and food processing were also acknowledged.
