The recent Union Budget of India has been praised by a US-based policy expert for its focus on attracting global capital and talent, with a special emphasis on non-resident Indians (NRIs). According to Khanderao Kand, Chief of Policy and Strategy at the Foundation for India and Indian Diaspora Studies, the budget showcases India’s strategic confidence amidst global economic uncertainties. The budget has made it easier for NRIs to participate in Indian equities by increasing individual and aggregate investment limits, simplifying direct market access, and easing frictions in NRI property transactions.
Kand highlighted that the budget also supports future growth engines in India, such as the IndiaAI initiative, which allocates funds for artificial intelligence, digital infrastructure, data centers, and cloud capacity. Additionally, the budget includes the expansion of Semiconductor Mission 2.0 with a significant investment, aiming to strengthen supply-chain resilience in key sectors like semiconductors, electric vehicles, electronics, and defense manufacturing. The rise in defense outlays to Rs 7.8 lakh crore is expected to boost high-tech and strategic defense self-reliance, potentially positioning India as a global defense manufacturing and export hub.
The measures introduced in the budget are seen as a step towards creating a cleaner and more welcoming investment environment for NRIs, while also laying the groundwork for a technologically advanced and self-reliant India. Kand emphasized that a stronger India aligns with US strategic interests, particularly in balancing China’s influence in the Indo-Pacific region. The expert believes that a robust India is beneficial for the US as a key global partner.
