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Interim Budget prioritizes growth, climate, and social impact, to benefit Northeast, says FICCI NE Advisory Council

The FICCI Northeast Advisory Council and Assam state council have welcomed the Interim Union Budget 2024, and said that, the budget announcements have the potential to serve as a catalyst for sustainable development, economic growth, and social well-being. 

Ranjit Barthakur, Chairman of FICCI Northeast Advisory council, while reacting to the interim budget said the interim budget is clear and focused on outcomes. 

"By bringing together growth, climate, and social empowerment, while addressing the ne. for balancing investment and fiscal prudence, the interim budget has continued the pro development initiatives of the Government" he added. 

He further said "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 Rs 11,11,111 crore reflects a strong commitment to improving our infrastructure, which is key to unlocking the region's economic potential. 

Ravi Kr. Patwa, Chairman, FICCI Assam State council said "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 welcome and Assam could benefit a lot 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", he added. 

He also acknowledged the significance of private and public investment in post-harvest activities. This is a move in the right direction which 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, he said. 

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. 10000011 FY 2014-15. 

Joydip Gupta, Co Chairman of FICCI Assam Council, lauded the budget's emphasis on rooftop solarisation, he said "this could be a transformative initiative and besides substantial savings for households, this will go a long way in ensuring India's 
energy security". 

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 are also welcome.

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