With major capital expenditure outlays and an outlook for employment generation, the Union Budget 2023-24 presented by Finance Minister Nirmala Sitharaman is a welcome budget with a progressive outlook, balancing economic, social and ecological stability and development of the country and region. The Northeast region is set to gain substantially from the Budget 2023, experts opined.
Pradeep Bagla, chairman, CII North East Council and managing director, Amrit Cement Ltd, said that the announcements in the Infrastructure sector, including enhancing capital outlay to Rs 2.40 lakh crore to the Railways and Government's announcement of push for transport infra projects through revitalization of 50 additional airports, heliports, water aerodromes, and advanced landing zones would certainly facilitate last mile connectivity hence increasing tourism. The infusion of Rs 10 thousand crore fund for urban development will boost the urbanisation efforts of the state governments.
In the agriculture sector, making available quality planting materials especially for millets, Agri accelerator fund to support Agri start-ups, young entrepreneurs for innovative solutions will benefit and encourage aspiring start-ups, Entrepreneurs and Farmers in North East. The increased credit target of Rs 20 lacs crore for the agriculture sector with focus on animal husbandry, dairying and fisheries will fuel growth and enhance farmers’ incomes. Further the support and focus accorded to Natural farming will boost the organic outlook of the North East states.
Encouraging Startup, the reduction of more than 39,000 compliances along with decriminalization of more than 3,400 legal provisions will provide major boosts to EoDB for Startups in the region. The National Data Governance Policy for startups great initiative in order to provide access to anonymous data and the setting up three AI CoEs in partnership with the private sector in India will boost AI Startups in the country and region
Abhijit Barooah, Immediate Past Chairman, CII North East Council & Managing Director, Premier Cryogenics Limited welcoming the Budget 2023 said that, the announcement of setting up of 157 new nursing colleges in co-locations with 157 medical colleges launched since 2014 will also enable India to reap demographic dividend. Indian nurses especially, from Northeast States are in demand across the world and the region will benefit with identification of few such colleges in the region. He added that, upgradation of Self-Help Groups in terms of support in procurement of raw material and skilling will provide strong dividends to the Northeast economy.
Energy sector overall has generated major focus and North East with four oil refineries is expected to gain in view of the allocations of Rs 19,700 crore to the National Hydrogen Mission with the focus of enhancing hydrogen production capacity of 5 metric million tonnes by 2030 and the net zero and green commitments of the country.
Government announcement on promotion of Tourism on Mission mode in 2023 will help the North East. Additionally, the announcement for development of destinations in totality would help the region and will help in introduction of newer destinations in the North East tourism map.
With substantial numbers of Eklavya Model Residential Schools in the region the proposed enhancement in the number of teachers and support staff will improve the quality of education in far-flung regions of North East.
Related:
Union Budget 2023-24: Capital investment outlay up 33 pc, says Finance Minister Sitharaman
Union Budget 2023-24 holds big plan for digital agriculture infrastructure: PM Modi
Union Budget 2023-24 Highlights: Centre to recruit 38,800 teachers and support staff
With major strengths in the Handloom and handicraft sector, the announcements on supporting artisans both in terms of capacity building and market linkages will empower this transformative and mass driven sector in the North East.
