National Policies:
• A significant decision has been announced to promote the manufacturing of footwear and toys under the 'Made in India' initiative. This move is expected to boost domestic production and reduce dependency on imports.
• A positive step has been taken by amending the investment limit, increasing it by 2.5 times, and raising the turnover threshold by 2 times for Micro, Small, and Medium Enterprises (MSMEs). This will provide greater growth opportunities for businesses in this sector.
• MSME exporters can now avail of a term loan of up to ?20 crore. This is a substantial boost that will encourage more export houses to emerge in the coming years.
• For the first time, women entrepreneurs can avail of loans up to ?2 crore for a tenure of five years. This is a commendable initiative aimed at empowering women to start and expand their businesses.
• The allocation of ?500 crore for a Centre of Excellence for Artificial Intelligence is a great move. However, bringing it up to global standards will be a challenge for a country like India, requiring focused efforts and strategic planning.
North East and North Bengal
• The announcement of the Export Promotion Mission and policies to boost exports is a significant step forward. This will have a major positive impact on existing export houses and traders in the North Bengal region who are exporting goods to Bhutan, Nepal, and Bangladesh. It's a highly welcome move that will enhance trade opportunities and stimulate economic growth in the region.
• The UDAN scheme has helped 1.5 crore middle-class people access faster travel, connecting 88 airports and 619 routes. Building on this success, a modified UDAN scheme will expand regional connectivity to 120 new destinations, serving 4 crore passengers over the next 10 years. It will also support helipads and smaller airports in hilly, aspirational, and North East districts.
• North Bengal and the North East region offer significant job opportunities, though the pay may not be very high. For such individuals, the income tax exemption of ?12.75 lakhs provides substantial relief.
• Urea Production Boost: The reopening of dormant urea plants in the Eastern region and the establishment of a new urea plant in Namrup, Assam, with an annual capacity of 12.7 lakh metric tons, will improve the availability of urea for farmers, thereby enhancing agricultural productivity in the region.
• National Institute of Food Technology, Entrepreneurship, and Management (NIFTEM) in Bihar: This institute will provide a major boost to food processing activities across the Eastern region. It will lead to:
• Increased Farmer Income: Through value addition to agricultural produce.
• Skill Development and Employment: Offering youth opportunities in entrepreneurship and employment.
• SakshamAnganwadi and Poshan 2.0 Programme: Providing nutritional support to over 8 crore children, 1 crore pregnant women, and lactating mothers across the country, with specific focus on the North-East region and aspirational districts. The enhancement of cost norms for nutritional support will further benefit the region’s vulnerable populations, especially improving health outcomes for children and women.