The Minister also welcomed the special announcement made for the North East region – through the empowerment of the North East Council (NEC) – which will unlock the enormous potential of the region.
He expressed that the people of the North East are happy with the sustained attention received under the leadership of Prime Minister Modi and that she has already made significant progress which will only continue. The particular focus on the country’s economic growth is expected via the acceleration of infrastructure development under the model of Prime Minister Gati Shakti. The budget will lead to the creation of employment opportunities in the country.
Sonowal expressed hope that the shipping sector will reach new heights in the coming years and contribute to the Prime Minister’s vision of a Gatiman Bharat.
Industry bodies in northeast India have hailed the Union Budget 2022-2023. CII said the 2022 budget is a very balanced budget. “We in the North East would like to thank the Minister of Finance for allocating Rs 1,500 crore for development initiatives that will enable livelihood activities for youth and women in the North East region of be implemented by the North East Council.I am sure that this initiative will definitely improve the economic scenario of the region in the long term.Out of this Rs.1500 crore, Rs 100 crore has been allocated for the construction of the pilot project of Bamboo-Link Road at different locations in various districts of Mizoram which is commendable and has been the result of the tireless efforts of Zoramthanga, CM of Mizoram,” said Abhijit Barooah, Chairman, CII North East Council and Managing Director, Premier Cryogenics ltd.
Pradeep Bagla, Chairman of the State Council of CII Assam and Managing Director of Amrit Cements Ltd, said: “The 2022 budget is a very balanced budget. A 35% increase in investment spending will boost infrastructure and jobs. FM’s special focus on NE delighted me.
Ranjit Barthakur, Chairman of FICCI’s North East Advisory Council, said, “This is a pragmatic budget that focuses on key sectors such as healthcare, infrastructure, MSME technology and financial inclusion”.
Barthakur welcomed the increase in capital spending in the budget. He said, “With the increase in capital expenditure by 35.4%, the actual capital expenditure of the central government will increase to 10.68 Lakh crores, which translates to 4.1% of GDP. This will give a major boost to the sustainability of economic growth.
Barthakur said: “Northeast India is one of the most important biodiversity hotspots in the country, and the region could benefit immensely from the decision to make legislative changes to promote agroforestry and private forestry. The old economic model of rapid growth is now recognized as the fundamental cause of the depletion of our natural resources. Since 2020, climate and biodiversity risks have topped the World Economic Forum’s annual risk report analyzing business perceptions of economic risk. Climate change has cost the world more than $150 billion a year since 2017.”
Dipankar Barua, Chairman of the FICCI Assam State Council, said, “This is a progressive budget that balances competing demands from different sectors. The focus on trust-based governance and improving the ease of doing business will boost economic development. »
The Federation of Industry and Commerce of the North East Region (FINER) welcomed the 2022 budget. Finer Chairperson Pabitra Buragohain said that to help small businesses recover from the pandemic, the budget was proposing to extend the Emergency Lending Scheme (ECLGS) to MSMEs until March 2023. and extend its guarantee coverage from Rs 50,000 crore to full coverage worth Rs 5 lakh crore. This program will be key to ensuring that MSMEs affected by intermittent lockdowns in states get funding to stay afloat.
RS Joshi, former Chairman FINER, said that the Union Budget 2022-23 is certainly an all-inclusive fiscal booster shot that will not only bring India’s economy back to a high growth trajectory but pave the way for the Next 25 years with a big push digital seen in the budget. The government has managed the pandemic-stricken economy to the point of achieving a remarkable GDP growth of 9.2% in the current year and an expected above 8% growth next year. While the Indian economy has shown strong resilience, the government is focusing on consolidation, sustainability and reforms through digital governance.
Tea Association of India (TAI) said that although it is difficult to identify provisions centered on the tea industry under the Union budget, the tea industry is looking forward to the “ease of doing business” which should free the tea industry from multiple statutory obligations.
TAI added following the “Har Ghar Nal Se Jal”, an allowance of Rs 60,000 crore has been made which would greatly improve the scope of drinking water supply which would benefit the tea industry worker . Also, the PM-Awas Yojna for eligible beneficiaries, which would include tea industry workers and dependents residing in the garden. This should be seen in the context of the provision of section 92 of the Occupational Health and Safety Code Act 2020.
“However the government’s emphasis. of India on fuel blending leaves the door open to levy an additional differential excise duty of Rs.2/-per liter wef 1.10.2022 for unblended fuel. Needless to add, it would cause production costs for the tea industry,” TAI said.