(Image source from: Indian businessmen in Gulf welcome budget)
Union budget 2016-17 was highly welcomed by the Indian businessmen in the Gulf on Monday. They said that, the push on the agriculture and rural sectors will enhance several industries, which there was "nothing great" in it for NRIs.
According to NRIs in Gulf, the budget focussed on the agriculture and rural sectors, but, they are unsatisfied with the allocations to social campaigns like ‘Swachh Bharat Abhiyan’, which is the country’s biggest campaign to improve sanitation and cleanliness across the country.
The budget was described as a prudent budget by the chairman of Middle East's largest retail chain Lulu Group, Yusuffali MA. He said that, "it has clearly highlighted the growth pillars of the Indian economy in agriculture, rural, social sector, skills, ease of doing business and tax and compliance reforms.”
"In my point of view, the 'three-year tax holiday' for startups is one of the most exciting announcements of this budget. The next generation of skilled entrepreneurs, is our future," he added.
The regional director of Electronics and Computer Software Export Promotion Council, and group director of Al Maya Group, Kamal Vachani, describes it as a growth-oriented Budget.
Vachani said that, "allocation of Rs 35,984 crore will give big boost for the agriculture sector and focusing on the rural growth will push the business across various industries."
"100 per cent FDI allowed in food processing industry, where the products are manufactured and then exported out of India will attract more foreign investors," he added.
According to the founder-chairman of Danube Group, Rizwan Sajan, the revitalization of infrastructure projects, corporate tax overhaul, improved connectivity and FDI norms, point towards achieving the Make in India and Skill India goals.
"The new budget proposes an ecosystem which is invested friendly through simplified tax structure and special schemes that offer debt, equity and receivable financing. So all in all it's a mixed budget and has something for everyone," Sajan said.
Nandini
