NRI businessmen welcome abolition of FIPB in Budget 2017

LONDON: Describing the 2017-18 budget as "transformative" and "growth oriented", two prominent NRI businessmen here have welcomed the abolition of Foreign Investment Promotion Board for the ease of doing business in India.

"The high investment in physical and social infrastructure and digital connectivity will lead to more jobs and income to households. This will also lead to increase in productive capacity, consumption and wider tax base," G P Hinduja, Co-Chairman of the Hinduja Groups, said.

Describing the budget as a "transformative budget", Hinduja said it aims at making the economy more competitive and transparent.

He said, "the economy will be comfortably placed in 8 to 10 per cent growth trajectory despite the temporary disruption of demonetisation and headwinds of protectionism in the developed world.

"Another welcome proposal is the reform of political funding which has been our long standing demand. The abolition of Foreign Investment Promotion Board is a step in the right direction to improve the ease of doing business with India."

Industrialist Lord Swraj Paul, Chairman of the Caparo Group of Industries, said "Congratulations to (Arun) Jaitley. It is a very good budget and it is growth-oriented".

"The budget looks after a lot of people who are struggling. Government's recent decision to demonetise and follow up measures taken in the budget have helped to create an atmosphere which will help reduce corruption. It is a good thing".

He also welcomed the decision to abolish the FIPB saying it will help "ease of doing business with India".