Union Budget will Lead to Vikshit Bharat: FINER

STAFF REPORTER

GUWAHATI: The Federation of Industry and Commerce of North Eastern Region (FINER) hails the Union Budget presented by the Finance Minister, Nirmala Sitharaman, during the Budget Session on February 1, 2025.

FINER is very happy and satisfied with the budget, which provides a clear roadmap for economic growth, social development, and regional prosperity leading to “Vikashit Bharat 2047.”

In a bid to foster a deeper understanding of the budget’s implications, FINER organized a live viewing of the Union Budget 2025 at the FINER Office in Guwahati, Assam.

This annual event was attended by esteemed dignitaries. including Bajrang Lohia, former President of FINER; R.S. Joshi; Amrit Deorah, Vice President of FINER; and Dr. M.P. Bezbaruah, a renowned economist, along with other FINER members.

Bajrang Lohia, President of FINER, described the budget as balanced, emphasizing that the fiscal deficit has been reduced to an estimated 4.4% from the previous 4.8%. The budget highlights substantial investment in key sectors such as agriculture, MSMEs, manufacturing, and exports.

Additionally, the budget introduces initiatives like the UDAAN and N Scheme, which will expand regional connectivity and tourism opportunities in the North East. These measures reflect the government’s vision of long-term, sustainable growth for the region.

R.S. Joshi, Past President, of FINER, welcomed the budget and appreciated the government’s efforts towards “Viksit Bharat 2047,” coming out with a clear roadmap to make it a reality. He noted that the budget caters to all sections of society, beginning with agriculture and concluding with benefits for the middle class. He lauded the calibrated approach towards balancing rural and urban economies and noted that GDP growth needs to be elevated to 8% from the previous 6.6%. The budget provided significant relief for the middle class, with no income tax up to 12 lakh rupees and for salary taxation now not applicable up to 12,75,000. He also highlighted that infrastructure allocation stands at Rs 10 lakh crore, though he suggested reviewing the amount since previous allocations were higher. Continuation with bold reforms and simplification is the hallmark of the budget.

Dr. M.P. Bezbaruah, a renowned economist, called the budget business-orientated, balancing economic and social aspects. He welcomed income tax cuts for middle-class relief and economic boost, while corporate tax stability benefits the stock market. Agriculture saw a major focus, though rural employment initiatives need sustainability. He emphasised structured MSME growth, noted manufacturing requires long-term vision and raised concerns over China’s global AI dominance. Additionally, he pointed out the lack of social security for gig workers while appreciating the controlled fiscal deficit at 4.4%. FINER remains committed to engaging with stakeholders and policymakers to ensure that the benefits of the Union Budget 2025 reach the industries and people of the North Eastern Region.

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