Indian business leaders in the UAE welcome Union budget despite no sops for NRIs

Dubai: Business leaders and finance professionals based in the UAE have welcomed 2017-18 India budget despite the conspicuous absence of any sops for non-residents Indians (NRIs).

Business fraternity in the UAE believes that the budget’s focus on youth, rural economy, agriculture, affordable housing, cleanliness and digitisation augur well for building the long term prospects of India’s consumption-led growth prospects while liberalising foreign direct investment is widely believed to help job creation.

— M.A Yousuf Ali, Chairman of Lulu Group and Abu Dhabi Chamber Director Board Member

“From an investor’s point of view, finance minister’s assurance of further liberalising the foreign direct investment (FDI) norms is a welcome news. The huge enhancements in the allocations for agriculture, women welfare, infrastructure and rural development is sure to boost Indian economy towards becoming a most favoured destination for FDI.”

— Kulwant Singh, President, IBPC; CEO of Lama Group

“The government has taken a number of new of initiatives to reform many sectors in, particularly in skill development and professional education. Budget’s emphasis on rural development and infrastructure will improve living conditions of masses.”

— Dr. Azad Moopen, Founder Chairman & Managing Director of Aster DM Healthcare

“The budget has some positive elements with reductions of the income tax and measures to improve GDP growth. However, the health care sector has not been given much focus to attain the goal of Right of Health for all citizens.”

— Sudesh K Aggarwal, Chairman, Giant Group

“I see great emphasis on the growth of farming, agriculture and rural development sectors. This will benefit very large sections of the society. Doubling the farm income in 5 years is very ambitious.”

— Dr. B.R. Shetty, Chairman of UAE Exchange and Executive vice-chairman & CEO of NMC

“A good budget, wherein the policy of fiscal prudence continues. There are certain trendsetting initiatives this time like the consolidation of Union and Railway budgets. Common man to get great relief with the reduction of tax to 5 per cent for income between Rs250,00 and Rs500,000.”

— Faizal Kottikollon, Founder and Chairman, KEF Holdings, UAE

“Indian budget is a bold and progressive one, striking the right balance among different sectors with an eye on growth and employment. Acknowledging the challenges of higher oil prices, stronger dollar and volatile commodity prices, the budget has provided larger investments in infrastructure, rural sector and poverty alleviation, which will not only push the GDP higher, but realise such growth in an inclusive manner.”

— Dr. Ram Buxani, Chairman, ITL Cosmos Group

“The budget shows that the government is keen to take the country forward. Affordable housing for the poor is a commendable effort.”

— Kamal Vachani, Group Director, Al Maya Group

“Income tax rate cut to 5 per cent for individuals having income between Rs250,000 lakh to 500,000 is a welcome step that gives big relief to middle income group to spend more money from their earnings.”

— Paras Shahdadpuri, Chairman, Nikai Group of Companies

“This budget has laid strong foundation for sustainable growth of Indian economy for many years to come. Higher investment in rural sector will result in increased consumption, eventually lifting the living standards of the poor.”

— Abbas Ali Mirza, Member of the Board and former president of IBPC

“After the recent demonetisation drive, expectations were rife that the finance minister would present a budget that would contain several tax reforms including deductions and concessions and also address concerns with regard to ease in doing business in a cashless economy. To some extent these expectations were met.”

— Shailesh Dash, Entrepreneur and Founder, Al Masah Capital

“I think the Indian budget is a very balanced one which will be very good for the low income group, farmers and women. With almost $60 billion allocated towards infrastructure spending, this is a good move for the country.”

— Dr. J.R Gangaramani, President & Executive Chairman of Al Fara’a group:

“It is a well thought out budget for the growth of India especially given the scenario of a weak global economy. Abolition of FIPB (Foreign Investment Promotion Board) is a major reform and a bold move that would provide good investment environment for foreign investors.”

— Sudarshan Malpani, Managing Director, Alpen Asset Advisors Limited

“This is a growth focused budget. The government has achieved a fine overall balance, boosting the key sectors of infrastructure, housing and agriculture while prudently managing the finances, which will keep inflation in control.”

Adeeb Ahamed, Managing Director, Lulu Financial Group

“The budget, is a well-balanced budget with greater emphasis on the agriculture sector and increased provisions to uplift economic and social conditions in rural India. The agenda to transform, energise and clean India, will allow the government to lead the country towards a brighter future.”

— Rizwan Sajan, Founder and Chairman of Danube Group.

“The new budget is a true testimony of the Indian government’s efforts directed at betterment of the nation. The move to increase budget allocation by 24 per cent for rural development is quite a remarkable.”

— Navin Kapoor, Owner & managing director, Xpertize United

“The Finance Minister has done fine balancing act between increased expenditure on infrastructure growth and containing of fiscal deficit at 3.2 per cent to push reform agenda.”

— Y. Sudhir Kumar Shetty, President, UAE Exchange

“It can be termed as change-making budget. It combined Union and Railway Budget which set a trend and reflected government’s intention to streamline the budget. Its vision is to Transform, Energise and Clean India, shaping a digital economy and building TechIndia.”

— EP Moosa Haji, Chairman, Fathima Group

“Union Budget 2017-18 is very futuristic and growth-oriented. The finance minister has met most expectations by announcing a slew of schemes and packages. India is the fastest-growing economy in the world, and the budget and reform policies give further impetus to the country’s growth in future.”

—Sudhesh Giriyan, COO, Xpress Money

“The India budget 2017-2018, is forward-looking and designed to propel the economy forward. The tax reforms, market liberalisation policies, FDI automation reforms, proposed increased spending on infrastructure, health care for the underprivileged, education and agriculture — all mainstays of the Indian economy, are all pro-growth steps, taken in the right direction.”