N-E industry hails union budget

The response of the N-E industry to Union budget 2011-2012, presented by finance minister Pranab Mukherjee yesterday, has been positive.  

Terming it a “good” budget, RS Joshi, chairman of Federation of Industry and Commerce of North Eastern Region (FINER) described it as a “mature budget from a mature finance minister.” 

Welcoming the budget, Confederation of Indian Industry’s (CII) Assam state council said it felt that the special assistance of Rs 8,000 crore to North-East and special category states will give big boost in meeting the development needs of the North-Eastern Region. 

However, Joshi felt that the special assistance amount could have been little higher.  

CII also welcomed the Rs 5,000 crore fund assistance to Small Industries Development Bank of India (SIDBI) and Rs.3,000 crore to National Bank for Agriculture and Rural Development (NABARD).   

“The assistance to SIDBI and NABARD will open up huge opportunities to the MSME sector, which is the back of the economy in the North-East,” said Abhijit Barooah, chairman for policy advocacy, CII Assam state council.  

He also said that the extension of green revolution to the state Assam will boost the state’s agriculture sector.  

Joshi is slightly disheartened for the fact that the finance minister did not accept FINER’s demand for a five-year plan for North-East.

“We demanded an exclusive five-year plan for North-East so that we don’t need to ask for ad-hoc measures from the Centre repeatedly. A five-year plan for North-East would have helped bring holistic and sustainable development in the region,” Joshi said.