India is the world's fifth-largest economy, and on track to become the third-largest by 2029: Sonowal

Agartala, Feb 12, 2025, By Our Correspondent

Agartala: Feb 12: Union Minister Sarbananda Sonowal praised Prime Minister Narendra Modi's leadership, highlighting the transformative policies and programs that have improved socio-economic conditions and bolstered trust in the government. Speaking in Agartala, Sonowal emphasized India's rapid economic growth, now the world's fifth-largest economy, and on track to become the third-largest by 2029.

Sonowal credited the rapid growth trajectory to well-implemented policies, emphasizing the country’s advancements in infrastructure, communication, and connectivity, which will drive further economic growth. He also announced that for the first time, women entrepreneurs from SC and ST communities would be eligible for loans up to Rs 2 crore. Additionally, the credit guarantee for MSMEs has been increased from Rs 5 crore to Rs 10 crore, supporting 4.78 crore registered MSMEs employing 20 crore people.

The Union Budget also introduced tax relief, exempting individuals earning up to Rs 12 lakh annually from income tax, benefitting 5.65 crore people and bolstering the middle class. Sonowal underscored the significant impact on consumption capacity, benefiting 3.3 lakh individuals.

He further highlighted the unprecedented development in northeastern states, including an allocation for a urea plant in Namrup, Assam, which will generate employment and support farmers. Tripura’s export growth in pineapples and horticultural products was also mentioned.

Sonowal criticized the Congress-led governments for decades of unfulfilled promises, contrasting them with the achievements of the Modi government in just 10 years. He also outlined future initiatives, including advancements in footwear manufacturing, AI-driven opportunities for youth, and maritime development, emphasizing that India is united under the vision of "Sabka Saath, Sabka Vikas."