Gulf NRIs give mixed response to Budget
NRIs welcomed the increased allocation for social sectors, but lamented no measures were taken for them.
By PTI |
DUBAI: NRIs in the Gulf on Wednesday welcomed the increased allocation for social sectors like education in the Union Budget as a great step, but lamented that no concrete measures were taken for Indians settled abroad.
Suresh Kumar, President of the Indian Business and Professional Council (IBPC), and a top local banker, welcomed the increased allocation for social sectors like education, saying it was a long term measure. "It is a mixed bag budget, some proposals are good, but it is largely NRI neutral," he said, adding the budget does not mention anything for the NRIs directly.
Kamal Vachani, Regional Director of Electronics & Computer Software Export Promotion Council (ESC), and also Director of Al Maya Group, Dubai, welcomed the various steps saying the finance minister has rightly focused on giving high priority to education and health.
Similarly, cut on import duty on medical equipments will, undoubtedly, be a gesture to all natives of all level in attaining treatment at reasonable rate. The reduction in peak rate customs duty for non-agricultural products from 12.5 per cent to 10 per cent is welcoming steps, which is only a short distance away from rates prevailing in East Asian countries.
Indians can invest in securities outside India through Mutual Funds, which is also a welcoming steps taken by the Finance Minister, Vachani said. "The budget is a balancing act, nothing exceptional," Prashant Gulat, an IT entrepreneur said adding, "It is neither populist nor reformist".
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He said the budget mentions nothing for the NRIs. He also lamented the fact there are some negative messages from the finance minister in the budget for the IT sector. However, NRIs expressed happiness over the introduction of one PAN for trading in securities rather than several other options.Download
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