Union Budget 2025-26: A Catalyst for Socio-Economic Change in Northeast India, Says ICC
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Synopsis
On February 1, the Indian Chamber of Commerce (ICC) praised the Union Budget 2025-26 for its role in fostering socio-economic transformation in Assam and the Northeast region, highlighting key initiatives in agriculture, healthcare, tourism, and connectivity.
Key Takeaways
- Union Budget 2025-26 recognized unique needs of the Northeast.
- New Urea plant in Assam to enhance agricultural productivity.
- Expansion of the UDAN scheme enhancing regional connectivity.
- Healthcare initiatives include customs duty exemptions for essential drugs.
- Tourism measures aimed at revitalizing significant destinations.
Guwahati, Feb 1 (NationPress) The Indian Chamber of Commerce (ICC), Assam and Meghalaya Committee, has commended the Union Budget 2025-26, asserting that it establishes a strong groundwork for the socio-economic transformation of Assam and the broader northeast region.
Sarat Kumar Jain, Chairman of the ICC Assam and Meghalaya Committee, lauded Union Finance Minister Nirmala Sitharaman for acknowledging the distinct needs and potential of the northeast in the Union Budget.
He welcomed the revelation of a new Urea plant in Assam's Namrup, designed to produce 12.7 lakh tonnes annually to enhance the region's urea supply and agricultural productivity. Jain also endorsed the PM Dhan Dhanya Krishi Yojna, which will support 17 million farmers across 100 low-productivity districts, fostering agricultural development and improving storage facilities at the panchayat level.
Additionally, Jain expressed enthusiasm for the expansion of the UDAN scheme, which aims to improve regional connectivity by adding 120 new destinations, ultimately benefiting 4 crore passengers.
Mahesh Saharia, Chairman of the North East Regional Council of the ICC, praised the Union Budget for its emphasis on propelling India towards 'Viksit Bharat'.
He highlighted that the Budget lays a solid foundation for socio-economic advancement, particularly in healthcare, tourism, exports, and taxation.
Saharia endorsed efforts to enhance healthcare access, such as the exemption of 36 life-saving drugs from Basic Customs Duty (BCD) and the inclusion of six medications under a 5% concessional duty.
He also supported the exemption for bulk drugs and the addition of 37 new medicines, thus improving healthcare affordability.
Saharia appreciated the tourism initiatives, including visa-free waivers for certain tourists and the revitalization of 50 key tourist locations. The official recognition of one crore gig workers for enhanced social security benefits was also welcomed.
The ICC anticipates collaborating with the government and other stakeholders to ensure the effective implementation of these initiatives, guaranteeing that the benefits extend to every corner of the region.
The ICC believes that the Budget is growth-oriented, with an emphasis on infrastructure, manufacturing, saving stimulus, and addressing the challenges in Agriculture, Micro Small and Medium Enterprises, Tourism, Education, Skill Development, Public Health, Export, and Connectivity, making a deliberate effort towards inclusive growth, according to a trade body statement.
