The Indian Chamber of Commerce (ICC), Assam and Meghalaya Committee, has expressed its appreciation for the Union Budget 2024, presented today, highlighting its significant focus on the development of Assam and the North East region.
In a statement issued today, Sarat Jain, Chairman of the ICC Assam and Meghalaya Committee, commended the Union Finance Minister for recognising the unique needs and potential of this region.
Jain emphasised that the Budget 2024 is a testament to the government’s dedication to integrating the North East with the rest of the country’s growth trajectory. “We are optimistic that these initiatives will not only uplift Assam and the North East but also contribute significantly to India’s overall development,” he added.
“The 2024 Union Budget has laid a strong foundation for the socio-economic transformation of Assam and the North East. The allocation of funds and the proposed initiatives reflect a commitment to fostering growth, improving infrastructure, and enhancing the quality of life in these states,” Jain said.
He appreciated the Pradhan Mantri Janjatiya Unnat Gram Abhiyan announced for 63,000 tribal villages, benefitting 5 crore tribals. The programme aims at achieving saturation coverage for tribal families in tribal-majority villages and aspirational districts. North East states will be benefitted by the same.
“The decision to limit of MUDRA loans will be enhanced to Rs 20 lakh from Rs 10 lakh for those who have availed and successfully repaid loans under TARUN category is appreciated,” Jain said while also appreciating the introduction of Credit Guarantee schemes for MSMEs and said that it is a very positive move from the government. A guarantee cover of Rs 100 crore will be provided for a higher amount of loan.
Jain also lauded the allocation of Rs 1.52 lakh crore for agriculture and allied sectors. Atma Nirbharta mission for pulses and oilseeds such as mustard, groundnut, sesame, soybean, and sunflowers.
Large-scale clusters for vegetable production will be developed near major consumption centres. Farmer-Producer Organisations, cooperatives and start-ups will be promoted for vegetable supply chains including collection, storage, and marketing.
Welcoming the government plan to introduce mechanisms to facilitate the continuation of credit to Micro, Small and Medium Enterprises (MSMEs) facing stress, Jain said that MSMEs contribute around 30 per cent of the GDP, 48 per cent of exports, and provide employment to more than 110 million in rural and urban areas. He also said that the decision by SIDBI to open 24 new branches to serve MSMEs clusters will certainly help in development of the sector.
Mahesh Saharia, Chairman, North East Regional Council, Indian Chamber of Commerce (ICC) feels that the Union Budget 2024 –25 represents the intent of the new government and the roadmap for pursuit of ‘Viksit Bharat’. Sitharaman announced that the Budget is focused on gareeb, women, youth and farmers.
He also said that ICC appreciated the abolition of Angel Tax for all categories of investors which will certainly boost the Start-ups.
“Under PM Mudra Yojana, 68 per cent loans sanctioned to women and 77.7 per cent women beneficiaries under Stand Up India and the decision of setting up 100 branches of India Post Payments Bank in North East states is appreciated by ICC,” he said.
