The first budget of the Modi 3.0 government, presented by Finance Minister Nirmala Sitharaman, has received positive feedback from NRI businessmen in the Gulf. The budget includes Rs 2 lakh crore over five years for job and skill programs targeting 4.1 crore youth. It emphasizes internships and incentives for first-time employees and women.
Dr. Sunil Manjarekar, president of GMBF Global Dubai, praised the budget’s focus on job creation, consumption, and support for rural and MSME sectors. He highlighted enhanced credit guarantees and increased Mudra loan limits for MSMEs. The budget also allocates Rs 2.66 lakh crore for rural development, including natural farming for 1 crore farmers.
Shakir Kantawala, co-founder of WingsWay Training Institute, lauded the budget’s commitment to education and skill development. He noted the importance of financial support for loans, which will benefit the young workforce. WingsWay provides diverse skill training programs across multiple sectors.
Gaurav Malhotra, MD of Hansgrohe India, welcomed the focus on manufacturing and transparent housing policies. However, he expressed disappointment over increased taxes in capital markets. The budget’s approach is expected to positively impact housing and related industries in emerging cities.
Chandrashekhar Bhatia, Chairman of GBF Middle East, appreciated the support for education loans up to Rs 10 lakh. He suggested applying a 30% income tax rate for higher income brackets and praised the reduction in gold duty from 15% to 6%.
Kamal Vachani, Group Director at Al Maya Group, commended the budget’s support for domestic manufacturing and tax incentives. He highlighted the reduction in customs duties on mobile phones, chargers, gold, and silver, which should boost consumer demand and reduce smuggling.
Source: The Economic Times