GUWAHATI: Federation of Industry &Commerce of North Eastern Region (FINER) has hailed the Union Budget presented by Union Finance Minister, Nirmala Sitharaman on Saturday terming budget proposals characterised long-term goal.
“Although no benefits has been given to Telecom sector or no labour reforms was mentioned. Overall the budget is a welcome economic move at very difficult time and is expected to rejuvenate the economy, generate employment and attract investments,” the FINER stated.
The FINER has organised a live viewing of the Union Budget Presentation speech of Nirmala Sitaraman, the Union Finance Minister.
It has to be mentioned that government has proposed to develop five historical sites where Sivsagar has also been included also development of inland water improvement from Dhuburi to Sadiya.
Although no benefits has been given to Telecom sector or no labour reforms was mentioned. Overall the budget is a welcome economic move ta very difficult time and is expected to rejuvenate the economy, generate employment and attract investments.
Leading economist in Assam, M.P. Bezbarua, several leading industrialist and members of print & electronic media attended the event. FINER board member including its President Pabitra Buragohain, past Presidents R.S.Joshi, Treasurer Sandeep Khaitan analysed the budget and expressed their views to the media person present there.
They felt that the budget proposals are based more on long-term goals where emphasis was given to three prominent themes a) Agriculture, irrigation & rural Development, b) Wellness, water and Sanitation c)Education & Skill. Focus is also on infrastructure, connectivity and tax reforms, which will not only boost the GDP growth but will also give a boost to slowing Indian Economy.
Structural Reforms in governance in GST such, 20 percent reduction in turnaround time for trucks, benefits to MSMEs through enhanced threshold and composite limits, saving of about 4% of monthly spending of average household, are very laudable. Addition of 60 lakhs new tax payers shows that the widening of tax net which is a welcome sign.
With this budget government has intended to step into new era of digital revolution. During 2018-19 Rs. 7 lakh Crore subsidy has been transferred through DBT. The focus on the next wave of IT is being taken care by reforms like Digital Governance, Improve physical quality of life through National Infrastructure Pipeline, digital resilience and social security through pension and insurance penetration.
The budget`s primary focus on rural economy is an important issue that government took up in right earnest. FM reiterated todouble the farmers income by 2022. Comprehensive measures of 100 water stressed districts has been proposed. Major reforms through PM KUSUM, Krishi UDAN and Kisan RAIL schemes are steps in right direction which will benefit North East Region as well.