Budget to spur overall growth of Northeast: Industry bodies

Industry bodies in the Northeast on Sunday welcomed the Union Budget as a balanced and fiscal-disciplined one, which will spur development in the region and position it as a multi-dimensional growth engine.

Industry bodies in the Northeast on Sunday welcomed the Union Budget as a ''balanced and fiscal-disciplined'' one, which will spur development in the region and position it as a ''multi-dimensional growth engine''. The thrust on MSMEs and tourism sectors, along with infrastructure push for Tier 2 and 3 cities, will benefit the region, the industry bodies said. ''This is not a populist budget. I think it is a balanced and fiscal-disciplined one,'' Federation of Industry and Commerce of North Eastern Region (FINER) president Bajrang Lohia said. Lohia said the push for MSMEs will benefit Assam and the Northeast as the region has mostly medium and small enterprises. Infrastructure development boost for Tier 2 and 3 cities will also benefit the region, he maintained. ''Development of Buddhist circuits will help the tourism sector, which in turn, will propel the economy,'' the FINER president said. Former FINER president R S Joshi, welcoming the Budget, said, ''Some may say that there is no specific mention of the Northeast. But it is a Union Budget. Allocation in all sectors has gone up and this will benefit the region too.'' He stressed that it has to be borne in mind that the budget has been prepared keeping in mind the geo-political tensions, including Russia-Ukraine War, tariff hikes by the US and ''other negativities''. ''We will need to go through the fine print. If there is anything lacking, FINER will bring it to the notice of the minister concerned and the region's MPs,'' Joshi added. The North East India Regional Council of the Indian Chamber of Commerce (ICC) said, ''We find it to be a budget with an emphasis on growth, inclusiveness and forward thinking. We feel that this is a budget that will encourage the overall development of the northeastern region.'' The regional unit of the ICC said the budget adopts the 'Ashtalakshmi' development model for the Northeast, positioning the region as a multi-dimensional growth engine through focused investments in connectivity, tourism, infrastructure, agriculture, healthcare and industrial development. It welcomed the announcement of development of Buddhist circuits across six northeastern states of Arunachal Pradesh, Assam, Manipur, Mizoram, Sikkim and Tripura, ''aimed at positioning the region as a major spiritual and cultural tourism destination''. The industry body also hailed the proposed high-speed rail link connecting Siliguri in West Bengal to Varanasi in Uttar Pradesh, and announcement of provision for 4,000 electric buses across the northeastern region. ''The combined focus on heritage-led tourism and green infrastructure reflects a balanced and future-ready development strategy for the region,'' it said. Chairman of the North East India Regional Council of ICC, Mahesh Saharia, said the 47 per cent increase in allocation for the Ministry of Development of North Eastern Region (DoNER), taking the total allocation to Rs 5,915 crore, emphasises the government's commitment for the region. Sarat Kumar Jain, chairman, Assam and Meghalaya State Committee of ICC, also lauded the Budget. ''It is a decisive step toward strengthening India's economic resilience while ensuring balanced regional growth,'' he said. Jain welcomed the decision to upgrade the National Mental Health Institute in Tezpur as a regional apex centre. FICCI Northeast Advisory Council also welcomed the Budget, maintaining that it presents ''an inclusive and forward-looking roadmap for economic growth and employment generation, with a clear focus on priority regions, manufacturing, infrastructure, tourism and reforms, in line with the government's vision of Sabka Sath, Sabka Vikas''. ''The continued emphasis on public capital expenditure, manufacturing, MSMEs and infrastructure provides a solid foundation for long-term growth and employment generation. Strengthening healthcare and education ecosystems will be critical for regions such as the Northeast to fully participate in India's growth journey,'' FICCI Northeast Advisory Council chairman Ranjit Barthakur said. He said the emphasis on inland waterways and multimodal logistics is especially relevant for the Northeast. Ghanshyam Dhanuka, chairman, FICCI Assam State Council, said that the Budget contains several announcements of direct relevance to Assam, while also addressing key national priorities. ''The proposed development of Buddhist circuits is a significant initiative. This will strengthen tourism infrastructure, preserve cultural heritage and create employment opportunities linked to the local economy,'' he said. FICCI Assam State Council co-chairman Joydeep Gupta welcomed the Budget's emphasis on digital and technology-led growth with a clear regional focus. Highlighting region-specific opportunities, Gupta said, ''The promotion of agarwood as a high-value forest and aromatic product can boost rural livelihoods, exports and agro-forestry-based enterprises in Assam.'' FICCI Northeast State Council co-chairman Larsing Sawyan said that the Budget's initiatives will have a tangible impact at the community level.

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