UAE-based Indian NRIs hail Sitharaman’s budget

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Non-Resident Indian (NRI) businessmen and professionals based in the United Arab Emirates (UAE) unanimously hailed Indian Finance Minister Nirmala Sitharaman’s maiden Budget, saying that it hit all the right notes, the media reported.

Sitharaman’s Union Budget for 2019-2020 unveiled in Parliament on Friday laid huge emphasis on investment and consumption to realise the dream of a ‘New India’ and to make the country into a $5 trillion economy in the next few years.

However, for most non-residents, the most promising budget proposal was the issuance of Aadhaar cards on arrival, without the mandatory waiting period of 180 days to be eligible for it, the Khaleej Times reported.

Chairman of the Abu Dhabi-based Lulu Group International M.A. Yusuf Ali said that the budget “covered almost all critical sectors, which will surely boost India’s march towards becoming a $5 trillion economy”.

“The key take-aways for me are the stress given to rural and agricultural development, women entrepreneurship and making India the global education hub of excellence. The plan to revitalise the railways, the backbone of our internal trade, is highly encouraging,” he added.

For B.R. Shetty, founder of NMC Healthcare and Finablr, a well-balanced budget is one which seeks to boost to start-ups, women and youth.

“Further ease of doing business in India is expected to attract bigger flow of foreign investors… The focus on agricultural investment, research and technology, aviation, infrastructure and affordable housing are positive steps,” Shetty said.

Rizwan Sajan, founder and chairman of Danube Group, said the budget looked very positive with an overall focus on improving standard of living by providing piped water, electricity, gas, housing and toilets to all.

“The intention to open investments with FDI in aviation, insurance and media sectors will have big flow of investments and a great opportunity for business the community outside India,” Nimish Makvana, president of The Indian Business and Professional Council Dubai, said.