The Union Minister of Shipping, Ports and Waterways Sarbananda Sonowal on Wednesday hailed the union budget presented by the Union Finance Minister Nirmala Sitharaman on February 1 last and said that it fulfills the aspirations of all section and lays the foundation of Viksit Bharat.
Addressing a press conference here at the BJP party office in Agartala on Wednesday, the Union Minister said that the tax relief measures announced in the Union Budget, Sonowal said that individuals earning up to Rs 12 lakh annually will now be exempt from income tax. This move, he said, will benefit 5.65 crore people across the country and provide significant relief to the middle class.
He said, “With 4.78 crore registered MSMEs employing 20 crore people, government policies have significantly bolstered the sector, reinforcing the ‘Make in India’ initiative.” The credit guarantee under the Micro, Small, and Medium Enterprises (MSME) sector has been raised from Rs 5 crore to Rs 10 crore, he added.
He said that for the first time, women entrepreneurs from Scheduled Caste (SC) and Scheduled Tribe (ST) communities will be eligible for loans of up to Rs 2 crore.
Regarding the development of the North East region of the country, Sonowal said, “Tripura can be a greatest example, with which we can say that the North East region of the country has witnessed massive development during the last 10 years under the rule of Prime Minister Narendra Modi.”
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