Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, stated on Wednesday that India is on track to become the third-largest economy in the world by 2029. Speaking at a press conference on the Union Budget 2025-26 in Agartala, Sonowal praised the policies and programs implemented under Prime Minister Narendra Modi’s leadership, which have improved the socio-economic standards of people across the nation. He emphasized that good governance has empowered citizens to live with dignity and progress.
Key Highlights of Union Budget 2025-26
Empowering Women Entrepreneurs
The Minister revealed that for the first time, women entrepreneurs from the SC/ST communities will be eligible for loans of up to ₹2 crore. This initiative is designed to support and uplift women in business, providing them with financial resources to scale their enterprises.
MSME Credit Guarantee Limit Increased to ₹10 Crore
In line with the government’s ongoing support for the Micro, Small, and Medium Enterprises (MSME) sector, the credit guarantee limit has been increased from ₹5 crore to ₹10 crore. With 4.78 crore registered MSMEs in the country, which collectively employ 20 crore people, these policies aim to bolster the sector and drive further economic growth.
Union Budget 2025: Tax Relief for Middle-Class
Sonowal reiterated that the Union Budget 2025-26 includes significant tax relief for salaried individuals. Those earning up to ₹12 lakh per year will no longer have to pay income tax. This change will benefit 5.65 crore individuals and provide substantial relief to the middle class, enhancing their disposable income and consumption capacity.
Northeastern States Experience Economic Growth
Sonowal shared that the consumption capacity of 3.3 lakh people has increased, and around 25 crore people have been lifted out of poverty. The Union Minister also stressed that the northeastern states are progressing rapidly under the leadership of PM Modi, with advancements in agriculture and horticulture opening new opportunities for the region.
Urea Plant in Assam to Boost Agriculture and Employment
A key provision in the budget involves setting up a urea plant at Namrup in Assam with a production capacity of 12.5 lakh metric tonnes. This move is expected to create significant employment opportunities and benefit the region’s agricultural sector, as well as neighboring countries.
Tripura Boosts Global Trade with Pineapple and Horticultural Exports
Mr. Sonowal highlighted how Tripura is making its mark in the global market, particularly through the export of pineapples and other horticultural products. This initiative is an example of how northeastern states are tapping into international markets and contributing to India’s economic growth.
Tripura Waterways: A Growth Engine
With the government’s increased focus on the maritime sector, Sonowal’s ministry is working towards the development of waterways, including the Gomti River in Tripura. This initiative will enhance connectivity and ensure sustainable growth in the region’s maritime sector.
Also Read: Assam CM Reviews Orunodol 3.0 and Key State Initiatives