Sonowal Highlights Modi's Governance Impact on Economy and Trust
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Synopsis
Union Minister Sarbananda Sonowal praised Prime Minister Modi's policies for uplifting socio-economic standards and public trust. He discussed India's economic growth and initiatives for women entrepreneurs and MSMEs, along with tax relief measures aimed at benefiting millions.
Key Takeaways
- Modi's policies improve socio-economic conditions.
- India poised to become third-largest economy by 2029.
- Women entrepreneurs from SC/ST to receive loans up to Rs 2 crore.
- Exemption from income tax for earnings up to Rs 12 lakh.
- Unprecedented development in northeastern states.
Agartala, Feb 12 (NationPress) Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, emphasized on Wednesday that the strategies and initiatives under the guidance of Prime Minister Narendra Modi have remarkably elevated the socio-economic status of the populace, thereby enhancing their trust in the government.
During a media briefing in Agartala regarding the Union Budget 2025-26, Sonowal mentioned that India’s economy is gaining strength on both a national and individual scale, positioning the nation to become the third-largest economy globally by 2029, attributing this success to Modi’s visionary leadership.
"India has already ascended to the rank of the fifth-largest economy in the world. Our rapid growth trajectory, reinforced by effectively executed policies, is set to elevate us to the third position by 2029. This reflects the efficacy of our governance and our commitment to 'Susashan' (good governance)," he stated.
Sonowal pointed out that improvements in infrastructure, communication, and connectivity have positioned India to reach this goal within the next five years.
He underscored that, for the first time, women entrepreneurs from the Scheduled Caste (SC) and Scheduled Tribe (ST) communities will qualify for loans up to Rs 2 crore. Moreover, the credit guarantee for the Micro, Small, and Medium Enterprises (MSME) sector has been increased from Rs 5 crore to Rs 10 crore.
"With 4.78 crore registered MSMEs employing 20 crore individuals, government policies have significantly reinforced this sector, bolstering the 'Make in India' initiative," he remarked.
Reiterating the tax relief measures outlined in the Union Budget, Sonowal noted that individuals with an annual income of up to Rs 12 lakh will now be exempt from income tax. This initiative, he mentioned, will benefit 5.65 crore individuals nationwide and provide substantial relief to the middle class.
"This tax framework will enhance the consumption capacity of 3.3 lakh people," he emphasized.
The Union Minister asserted that the northeastern states are experiencing unparalleled development under PM Modi’s leadership, propelled by advancements in connectivity, agriculture, and horticulture.
He announced that the budget has designated funds for establishing a urea plant in Namrup, Assam, with a production capacity of 12.5 lakh metric tonnes. This, he stated, will create jobs, aid local farmers, and ensure a sufficient urea supply for neighboring nations.
Highlighting Tripura’s expanding role in the global market, Sonowal indicated that the state is making progress in exporting pineapples and other horticultural goods.
Sonowal criticized past Congress-led administrations for their inability to deliver substantial development during their 55 years in office.
"What successive Congress governments failed to achieve in decades, the Modi administration has accomplished in just 10 years," he remarked.
He also discussed upcoming initiatives, including advancements in footwear manufacturing, opportunities driven by Artificial Intelligence (AI) for youth, and maritime development.
"From Ladakh to Puducherry and Arunachal Pradesh to Gujarat, India stands united under the vision of 'Sabka Saath, Sabka Vikas'," he concluded.
