Top NRI businessmen in Gulf welcome Budget, laud support to women entrepreneurship, start-ups

Several leing Non-Resident Indians and businessmen in Gulf region Friday welcomed India's Union Budget for 2019-20 and listed rural electrification, agricultural, support to start-ups, women entrepreneurship and reduction of corporate tax as major takeaways.

Budget was presented by Finance Minister Nirmala Sitharaman who hiked tax on petrol and diesel, raised import duty on gold, levied an ditional surcharge on super rich and brought a tax on high-value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, start-ups, and electric vehicles.

Yusuff Ali MA, Chairman of UAE-based Lulu Group, said first budget of Prime Minister Narendra Modi's second term in office has very efficiently covered almost all critical sectors which will surely boost India's march towards becoming a USD 5 trillion economy.

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" key takeaways for me in this maiden budget are stress given to rural and agricultural development, women entrepreneurship and making India global education hub of excellence," he said.

India's biggest asset has always been its young human resource and measures taken in fields of research and education will surely go a long way in boosting start-ups in various fields and across all economic segments, Ali said.

" plan to revitalise Railways, back bone of our internal tre is highly encouraging. I have always been a big vocate of PPP model of development and investments in infrastructure sector, so obviously it is heartening to note that government is promoting this model. Surely many organisations will come forward to be a part of this opportunity, to spur faster growth," he said.

Ali said that as an NRI, he is extremely happy to note that Ahaar issuing process has been simplified.

"I am eagerly looking forward to proposed Annual Global Investors Meet especially now that NRI investment in country would be me much easier by merging NRI portfolio route with foreign portfolio investment," he said.

Firoz Merchant, Chairman of Pure Gold, said Budget is a clear attempt to simplify processes and compliances.

"Overall I feel economy is moving in right direction but with baby steps," Merchant said, ding that it lacks, however, clear steps on boosting economy and employment.

Kamal Vachani, Group Director al-Maya Group, welcomed proposal related to Ahaar cards, which will be issued for Indians traveling back without waiting for six months.

"Steps easing restrictions on media, aviation and infrastructure are welcome steps as NRIs can now invest in se sectors," Vachani said.

"Significant point is that corporate tax reduced to 25 per cent for companies with turnover up to Rs 400 crores. This covers more than 90 per cent of companies. It will be a big relief for home buyers who have taken loan," he said.

Obaidur Rahman, Chairman of Bihar Foundation in Saudi Arabia, said budget is for poor and middle-class.

"I would like to congratulate NDA government. It will benefit middle-class taxpayers, small businesses, poor and marginalised greatly. It is definitely a pro middle class budget," he said.

Paras Shahdpuri, Chairman of Nikai Group of Companies and President of Business Leers Forum, said it is a politico-socio-economic budget covering entire spectrum of NDA's manifesto promises, bringing toger woman power representing 48 percent of population and building foundation for USD 5 trillion economy in next 5-6 years.

India is a complex country and every year finance minister has to walk on a tight rope from balancing spends on economically weaker and underprivileged population of India to feed appetite of industry for economic growth to keeping vote bank happy.

"I feel finance minister has done a good job in promoting rural India which can generate new jobs while releasing pressure on urban cities by announcing Gaon Garib and Kishan schemes; by promising power and gas to every single household by 2022 and by handing over 20 million rural homes; by building 100 million toilets making India free from open defecation. Pension to 35 million with turnover of Rs 15 million," Shahdpuri said.

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Key steps on connectivity is laudable. Sagarmala, national electricity grid, connecting rivers, huge spends on railway network will boost domestic and export economy. Ease of Living and Ease of Doing Business is a welcome slogan. Increased digitization will not only mean Ease of Living but considerably reduce corruption and human interaction.

Tax relief up to Rs 5 lakh, reduction in Corporate tax of 25 percent with a turnover of Rs 400 crores are welcome steps.

Support to start-ups will encourage youth entrepreneurship. It is good that PAN/Ahaar has been me interchangeable.

"I think GST is now reaping benefits by better and simplified collection. One Nation One Tax system is extremely helpful.

"For first time, role of NRIs was mentioned twice and I am gl y consider diaspora as an important contributor to Indian economy," Shahdpuri said.

However, major steps to create jobs were not visible. More allocation on Health and Education could have been announced. Revenue side was not fully spelled out.

"I would give finance minister 7.5/10 for Budget," Shahdpuri said.

Water resource is next most important issue for world, and it is good that a new Jal Shakti Ministry is being set up in India, he ded.