Tuesday 30 / April / 2024
Muscat: Indian expat business leaders in Oman have reacted positively to the budget presented by the Indian government earlier this week. They also expressed delight at the Centre’s emphasis on healthcare. Many, however, rued that there wasn’t much focus on the expats in Oman or elsewhere.
Indian Finance Minister Arun Jaitley announced his government’s last full budget before the 2019 General Elections on Thursday, with a focus on boosting the country’s rural infrastructure and aid for the poor.
Vote catcher
With two-thirds of the population living in rural areas, the ruling National Democratic Alliance’s 2018/19 budget is seen as a means of ensuring that votes go their way in the next election.
Non-Resident Indians, such as Yusuff Ali M A, Chairman of the Lulu Group, said the new announcements, especially the health scheme for the poor, will benefit the country.
“The decision to implement the world’s biggest national health protection scheme is a huge initiative, which will benefit all sections of the society. The budget also pays special attention to the poor, women and senior citizens by announcing various path-breaking steps for their welfare,” said Yusuff Ali.
He also expressed hope that the Indian government will come up with initiatives that allow NRIs to invest more in India.
“One of the most game-changing policies announced recently by Indian Prime Minister Narendra Modi has been about treating all NRI investments as domestic investments. This has thrown open many new investment opportunities for NRIs, especially from the Gulf region, who have always wanted to invest in India and to be active partners in the country’s growth,” he noted.
The Lulu Group chairman further remarked: “Keeping in mind the fact that India is currently the seventh largest economy and looking to reach the fifth position, this is a very encouraging and growth-oriented budget, with more emphasis on rural and infrastructural development.”
“The budget also pays special attention to farmers, with the announcement of raising the minimum price for crops and investing heavily in the agriculture sector. An increase in allocation for food processing will surely benefit farmers and create more jobs in this sector,” he added.
Meanwhile, Sudhakar Reddy, General Manager of Al Habib, said it was a farming-oriented and that the ruling BJP has reacted to address the electoral concerns. He also, however, pointed out that there wasn’t much for NRIs.
“It’s a rural-oriented budget. The BJP did quite poorly in rural Gujarat in the recent Assembly polls. This reflects a rural distress. So, they have diverted resources to the farms. There isn’t much there for the NRIs and investors. Long-term capital gains tax are a proof of that,” Reddy said.
“Policies, however, have always been pro-NRIs. We don’t pay taxes on remittances,” he added.
Echoing the sentiment, Vijay Handa, cluster general manager at Ras Al Jinz Turtle Reserve, said that he was satisfied with the budget. “I’m quite satisfied. As far as taxes are concerned, the government is justified. Tax compliance is essential,” he said.
According to Reuters, the minister announced that Rs500,000 per family would be provided annually for medical reimbursement under the National Health Protection Scheme, protecting 500 million poor people and making it the world’s largest health protection scheme
