India to Become 3rd Largest Economy by 2029: Union Minister Sarbananda Sonowal
By News On Air Feb 12, 2025
Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal today said that India will become the third-largest economy in the world by 2029. Addressing a press conference on Union Budget 2025-26 in Agartala, Mr Sonowal said that the policies and programs adopted by the government under the leadership of Prime Minister Narendra Modi have raised the socio-economic standard of people in the country. He said good governance has enabled people to live with dignity.
The minister said first-time women entrepreneurs from the SC/ST community will get loans up to two crore rupees. He further said the credit guarantee under MSME has been hiked from ₹5 crore to ₹10 crore, adding that the sector with 4.78 crore registered units has provided jobs to 20 crore people.
Mr. Sonowal reiterated that salaried people earning 12 lakh rupees per annum will not have to pay any tax as announced by Finance Minister Nirmala Sitharaman. He said this tax slab structure will benefit five crore 65 lakh people and will give maximum respite to the middle-class people.
He added that the consumption capacity of 3.3 lakh people has increased, and around 25 crore people have been alleviated from the poverty line. He said the northeastern states are being driven to the development pathway under the visionary leadership of PM Modi. The region, enriched with agriculture and horticulture, sees newer heights.
Budget provision for setting up a urea plant at Namrup in Assam with a 12.5 lakh MT production capacity will create employment and benefit the region along with neighbouring countries.
Also, states like Tripura are grasping the global market and also having a space in the global market through exports of pineapple and other horticultural produce, he said.
Mr. Sonowal further remarked that with a big push given to the maritime sector in the budget, his ministry can also ensure the waterways development of the Gomti River in Tripura.