Describing it as a balanced and good Budget for the Northeast region, the CII Northeast Council today welcomed the Union Budget 2017-18 as "a good Budget with focus on poor, agriculture, growth, SME and integrity".
In the Northeast, most of the industries are MSME in nature and increase in the disbursement of loan under the Mudra Scheme to Rs 2.44 lakh crore will give a much-needed impetus to the SMEs of the region, CII Northeast Council Chairman Sandipan Chakravortty said in a statement here.
Abhijit Barooah, Co Chairman, CII North East Council said, "CII believes that the Budget is going to benefit the Northeast tremendously as the region has primarily an agriculture and rural-based economy and the government has given ample emphasis for the development of these two sectors."
Transport is another sector where the government has put focus on and this will give major fillip to the ongoing as well as the planned projects in the transport sector in the region, Barooah said.
He further added that the success of the Budget proposals would depend immensely on the execution of the schemes by the state government, banks and other organizations, especially in the rural sector.
S K Barua, Chairman CII Assam State Council, said the Budget is likely to promote growth and the alocation of Rs 3.96 lakh crore in infrastructure woold increase growth, particularly in roads and railways with a major chunk of these expected to come in Northeast.
Stating a 5 per cent reduction in taxation in MSME/ small industries is positive for the Northeast, Barus said reduction in personal taxation from 10 per cent to 5 per cent in the income slab of Rs 2.5 to Rs 5 lakh is also very positive, particularly for the salaried society in the Government sector and other middle class households.
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