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Gulf-based NRIs hail Budget 2014-15 as 'growth-oriented'

PTI     July 19, 2014

NRI businessmen in the Gulf region have hailed Finance Minister Arun Jaitley's maiden budget as forward-looking and growth-oriented.

"The Budget of 2014-15 affirms the vision of the government to bring about all-round development in the country, with emphasis on manufacturing, job creation, and skill development," said NMC Healthcare CEO BR Shetty said.


Yusuffali MA, Managing Director of LULU Group, called it a realistic budget with long term view rather than relying on quick fix remedies or populist soaps.

"From industry's point of view I am pleased to note bold steps like FDI in insurance & defence sectors which is sure to boost many related industries also and generate much needed employment," Yusuffali said.

"India badly needs major boost in infrastructure development and public-private partnership is the best way forward," he said.

"From the NRI's point of view, the hiking the Duty free allowance to Rs 45,000 will be welcomed, especially during the current holiday season," he added.

Sudhesh Giriyan, Vice President and Business Head, Xpress Money, said the budget has impetus on further development of the manufacturing and infrastructure sectors.


"With over 25 million Indians residing overseas and the ever increasing demand for semi-skilled workforce, especially in GCC countries, the government's initiative to set-up the 'Skill India' scheme is a welcome step," Giriyan said.

"It will help to train migrant workers and equip them with the necessary skills required for their jobs overseas, thus providing an edge to the Indian workforce globally," he said.

Y Sudhir Kumar Shetty, COO-Global Operations, UAE Exchange, said that establishing branches of reputed institutions like AIIMS and IITs would not only improve the healthcare and education sectors, but help India build its capabilities as a centre for research and development excellence before the world.

Kamal Vachani, Group Director of Al Maya Group, said: "The proposed raising of Foreign Direct Investment cap from 26 percent to 49 per cent will increase foreign investment for the Insurance sector and will help the firms to get much needed capital from overseas partners."

Pradeep Unni, Head of Strategy, Research and Trading, Richcomm Global Services DMCC, however, said the budget did not carry any surprises but markets were firm on the views that the FM has laid strong roadmap for reforms in future.


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