Press Release
UAE: “Overall, the Budget has been positive on many fronts. Focus on Make in India will set India off on a faster trajectory of growth opening up more avenues for NRIs to contribute to the nation’s development. Reduction in Corporate Tax from 30 to 25% over a 4-year period, allowing foreign investments in Alternative Investment Funds, as well as replacing FDI and FPI with composite caps, will be welcomed graciously by NRIs looking to invest in India.
The budget saw a strategic focus on Financial Inclusion. After the Prime Minister’s Jan Dhan Yojana, the Government’s initiative to launch a National Skills Mission is a commendable step towards development through this route. Given that Indians are much sought-after worldwide for their integrity and commitment, strong skills will add to this and make India a treasure trove of multi-skilled youth. This will increase the earning capacity of the expatriate workforce, thereby enabling them to directly remit more money home, contributing to economic boost.
Additionally, the initiative of enacting new law on Black Money is a positive step towards tackling the menace of Hawala system. If stringent regulations are followed in this front, legal remittances would increase India’s foreign assets and broad money, signaling economic growth.”
UAE: Budget not in Favor of Integrating Overseas Indians into Country’s Growth Story – Y Sudhir Kumar Shetty
Y Sudhir Kumar Shetty, President, UAE Exchange
Press Release
“Modi Government’s first full year budget for the fiscal 2015-16 reflects the India roadmap Prime Minister Narendra Modi has been evoking ever since he came to power. In that context, it is an endeavor in amalgamating aspects of social agenda with economic growth priorities. While there are significant steps in the direction of economic growth priorities like the boost in infrastructure spending and phasing out of sick PSUs, the budget largely seems to aim at paving the way for India growth without losing eye on welfare priorities.
Laudable initiatives of the budget include facilitating funding to small entrepreneurs with Mudra Bank refinancing microfinance institutions that will strengthen the Make In India prospects. Endeavors like Atal Pension Yojana and Universal Security Scheme are also welcome policies.
However the Budget seem to have missed out on Modi Government’s posture of integrating overseas Indians into the country’s growth story as there is no specific scheme that could benefit NRIs who remit billions to India, or any policy indication that will encourage NRIs to invest in India projects.”