NRIs, corporates in UAE welcome India’s Budget

NRIs, corporates in UAE welcome India's Budget

DUBAI: Non-Resident Indians (NRIs) as well as the business and corporate community in UAE have welcomed India’s Union Budget 2023-24.

Kamal Vachani, Regional Director, Electronics and Computer Software Export Promotion Council said that it is a “people-friendly” budget as the income tax exemption has been increased to Rs 7 lakhs. “This is a major step taken by the Finance Minister, which will benefit middle-income taxpayers in a big way as this will bring in higher spending by the households, leading to a boost in aggregate demand.”

“Reduction of custom duty on parts of open cell (TV), mobile phones, camera lens, etc. would go long way in enhancing India’s export. The proposal to extend the same to other electronics goods like TVs is a welcome step, which will boost exports further,” he added.

Businessman and Chairman of Lulu Group, Yusuffali M.A. said, “I would term it as an ‘inclusive’ budget that has tried to take into consideration all segments of society as well as different priority sectors. For me, the key takeaways are the major initiatives announced for strengthening connectivity, food security and skill development sectors.”

Construction of 50 new airports and development of water-routes is sure to have major impact on the socio-economic fabric of India and will further boost our position as a dream destination for global businesses and investors. Food security is another key area which will have long-term benefits for the community as well as Agri-sector,” he added.

“I am sure this budget will further strengthen Indo-gulf business relationship and bring in more investments into the country to benefit our economic development and employment sector,” Yusuffali asserted.

Similarly, Azad Moopen, Founder Chairman & Managing Director, Aster DM Healthcare said that the budget has “excellent focus” on skill development and it addresses one of the core challenges that healthcare industry is facing today – shortage of nursing staff, through the announcement to start 157 nursing colleges alongside existing medical colleges.

“However, the overall impetus for the healthcare delivery sector is missing. We were hoping for an increase in budget allocation for the industry which is essential to fulfil the need gaps. The need to have more hospitals and healthcare facilities in rural and suburban areas to meet the rising demand remains untouched. Hope the government will put more focus on public-private partnerships (PPP) to address this,” he added.

Gopinath Sabnivise, Group Director, Bridge Medical GPO said that “We are pleased to see the future-ready approach the Indian government has taken for the healthcare industry in India with the 2023 annual budget. It is a massively positive move to place a greater focus on pharmaceutical research, as well as research on the implementation of modern healthcare practices in India…”

From Agri-tech sector, Karthik Jayaraman – Cofounder & Managing Director, WayCool Foods and Products Pvt Ltd, said, “The Union Budget 2023 has proven to that the future of the agriculture sector in the country is bright, with its well-researched, and nuanced focus towards the sector.”

Steel tycoon and industrialist, Bharat Bhatia, Founder & CEO, Conares said that the government’s commitment to invest in critical transport infrastructure projects is exciting. “The revitalisation of 50 airports and investment of Rs 75,000 crore in 100 transportation projects, as well as Rs 10,000 crore per year for urban infrastructure development fund is a massive boost to the construction and steel industry and is a significant step towards creating a stronger and more resilient India.”

Finance expert CA Jai Prakash Agarwal – Treasurer, ICAI Dubai Chapter, said that the increase of capital expenditure to Rs 10 lakh crore shows the long-term vision of the government in building the future of India. “The relief to middle-class by increasing the basic exemption from Rs 5 lakh to Rs 7 lakh is the investment of government today in country’s middle-class to shape the nation’s future. A little disappointment is natural as there is no relief or exemption to NRIs but we are happy with the long-term growth vision of India.”