Friday, 16 April 2021 10:30 GMT

Budget ticks right boxes for Abu Dhabi corporates


(MENAFN - Khaleej Times)

The Indian business community in Abu Dhabi described budget 2016-17 as pro-poor and growth-oriented and one that would change the lot of hundreds of millions of poor farmers in rural India.

Khaleej Times spoke to a cross-section of businessmen including Yusufali M.A. managing director of LuLu Group Dr B.R. Shetty CEO of NMC Group Dr J.R. Gangaramani chairman of Al Fara'a Group Adeeb Ahamed CEO of LuLu Exchange International and Y. Sudhir Kumar Shetty CEO of UAE Exchange who were very positive on the budget's direction.

Yusuffali called it a "prudent budget" that would make a positive impact on important sectors. "I am happy that the government has focused on 'Make In India' by providing tax and duty relief. These will go a long way in strengthening the manufacturing capabilities and infrastructure facilities in India" the richest NRI in Abu Dhabi said.

The finance minister's focus on agriculture would help enhance development which in turn would boost food security and exports he said.

Tax holiday

On what is the most exciting budget proposal he said: "The three-year tax holiday for start-ups. It will support entrepreneurship. The next generation of skilled entrepreneurs are our future and this will bring in the much-needed impetus."

Another highlight would be allowing FDI in the food processing business the managing director of LuLu Group said. From an NRI's perspective he said the easing of customs declaration and increasing of free baggage allowance are welcome.

Dr Shetty called it an important budget announced at time when global economies are hurting and India leads the table in terms of growth. The budget for fiscal year 2016-17 has given priority to agriculture food processing and warehousing which is a good move he said.

"Manufacturing should be a priority which will help India to overtake many economies and reduce our forex outflows" the CEO said.

Dr Gangaramani said the budget focused on real challenges facing India. "It is pro-poor pro-farmer but a growth-oriented budget" he said. Gangaramani said the huge infrastructure spend would create jobs and fuel growth while the target of doubling farm income would change the nation's future.

"This budget is well-rounded and suggests changes to all sectors. The end of plan and non-plan budget is a major move. It is a peoples' budget with an aim to balance rural and urban growth" the chairman of Al Fara'a said.

Recognising stressed sectors such as agriculture banking commodity manufacturing and infrastructure etc. the finance minister has been able to address these in a very positive manner he said.

Rural India is in focus in the budget said Kumar Shetty. Equally welcoming are measures for employment infrastructure improving digital literacy across the rural belt and cleanliness.

Jaitley showed satisfaction on strong foreign exchange reserves which have a significant contribution from NRIs he said. Prime Minister Narendra Modi's foreign trips have strengthened the trust of NRIs.

Ahamed welcomed the focus on the rural economy infrastructure education and social sectors. For NRIs however there is nothing much in store he said.

The CEO appreciated measures to make India an investor-friendly destination in line with promoting the 'Make in India' campaign.

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