Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, on Wednesday, said that the policies and programs implemented under the leadership of Prime Minister Narendra Modi have significantly improved the socio-economic conditions of the people, further strengthening their trust in the government.

Addressing the media in Agartala on the Union Budget 2025-26, Sonowal stated that with India’s economy strengthening at both national and personal levels, the country is on track to become the world's third-largest economy by 2029, crediting Modi’s visionary leadership.

"India has already emerged as the world's fifth-largest economy. Our rapid growth trajectory, supported by well-implemented policies, will propel us to the third position by 2029. This is a testament to the effectiveness of our governance and the commitment to 'Susashan' (good governance)," he said.

He highlighted that advancements in infrastructure, communication, and connectivity have positioned India to achieve this milestone within the next five years.

Sonowal emphasized 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. Additionally, the credit guarantee under the Micro, Small, and Medium Enterprises (MSME) sector has been raised from Rs 5 crore to Rs 10 crore.

"With 4.78 crore registered MSMEs employing 20 crore people, government policies have significantly bolstered the sector, reinforcing the ‘Make in India’ initiative," he said.

Reiterating 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.

"This tax structure will enhance the consumption capacity of 3.3 lakh people," he pointed out.

The Union Minister asserted that the northeastern states are witnessing unprecedented development under PM Modi’s leadership, driven by improvements in connectivity, agriculture, and horticulture.

He announced that the budget has allocated funds for setting up a urea plant in Namrup, Assam, with a production capacity of 12.5 lakh metric tonnes. This, he said, will generate employment, benefit the region’s farmers, and ensure an adequate urea supply for neighboring countries.

Highlighting Tripura’s growing presence in the global market, Sonowal stated that the state is making strides in exporting pineapples and other horticultural products.

Sonowal took a swipe at previous Congress-led governments, accusing them of failing to deliver meaningful development during their 55 years in power.

"What successive Congress regimes couldn't achieve in decades, the Modi government has accomplished in just 10 years," he remarked.

He also spoke about upcoming initiatives, including advancements in footwear manufacturing, Artificial Intelligence (AI)-driven opportunities for youth, and maritime development.

"From Ladakh to Puducherry and Arunachal Pradesh to Gujarat, India is united under the vision of 'Sabka Saath, Sabka Vikas’," he concluded.