Union Finance Minister Nirmala Sitharaman on Saturday made several important announcements for Northeast India, including Assam, in her eighth Union Budget speech. This budget has particularly emphasized agriculture, which will promote regional prosperity and resilience. A new urea project will be set up in Assam to increase urea supply to empower the condition of farmers, which is likely to increase agricultural production and improve the income of farmers.
Finance Minister Nirmala Sitharaman said, “A plant with an annual capacity of 12.7 lakh metric tonnes will be set up in Namrup, Assam. Three closed urea projects in the eastern region have been reopened. The government will assist the National Cooperative Development Corporation in managing debts in the cooperative sector.
“India’s economy is growing the fastest among all the major economies in the world. The development track record and structural reforms of the last 10 years have attracted the attention of the world. The development measures proposed in the budget focus on the poor, youth, farmers, and women, stimulating agricultural growth and productivity, building rural prosperity and resilience,” the finance minister said.
She further said that eliminating unemployment in agriculture through skilled investment and technology, creating adequate opportunities to prevent migration, launch rural prosperity and resilience programs to focus on rural women, young farmers, rural marginal youth and small farmers and landless families will be done.
It is noteworthy that Finance Minister Nirmala Sitharaman has announced the establishment of this urea plant in the budget after the ongoing talks between Union Minister Sarbananda Sonowal and Union Minister JP Nadda regarding the expansion of Brahmaputra Valley Fertilizer Corporation Limited (BVFCL).
The move will include two new Nan urea plants under an investment of Rs 500 crore, which will modernize the current facilities as well as increase production capacity. Apart from industrial development, the project will also contribute to the improvement of social infrastructure, with the construction of community halls and sports facilities for children, which will improve the standard of living in the Namrup area.