Finance club of IIM Shillong is optimistic about Union budget proposal for Northeast India

GUWAHATI: The finance club of IIM Shillong has stated that Union budget 2017-18 has substantially increased allocations (30%) for the eight north eastern states.

The club added that under flagship programme of Digital India, government has proposed to set BPO promotion scheme for the north eastern states so as to stimulate employment opportunities for the region. The government has also taken several steps to put Arunachal Pradesh and Meghalaya on the rail map.

Government has already identified thematic circuits for the North –East for promoting it as a major tourism hub. Government has tried to ensure cultural and economic connectivity of north-east region with the mainland.

The club further stated budget 2017-18 announced by the Finance Minister Arun Jaitley is very comprehensive given the fact that it impacts both lower and upper strata of the society to a very large extent– reducing the individual tax rate from 10% to 5% for the lower slab, reducing the tax rate from 30% to 25% for MSMEs having a turnover up to Rs.50 Crores.