Indian budget evokes positive response from NRI community

Inayat-ur-Rahman, Business Editor

India unveiled on Tuesday a bigger budget of Rs39.45 trillion ($529.7 billion) for the coming fiscal year, stepping up investment on highways and affordable housing to put growth on a firmer footing as the economy recovers from the pandemic.

The non-resident Indians (NRIs) shared their positive  reactions with Gulf Today.

Dr. Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said: Digital registries of health providers and health facilities, unique health identity and universal access to health facilities under the National Digital Health Mission are positive steps towards enabling access to healthcare for the wider population. Similarly, we are glad that mental health and the challenges put forward by the pandemic are being tackled at a National level with the launch of Tele-Mental Health Programme. Upgrade of 2 lakh Anganwadis with better facilities will further enable the primary healthcare system and much needed healthcare support in remote & rural areas.

“While it is good to see that the focus on Digitisation, Sustainability, Energy Conservation and Development of Infrastructure has taken a clear precedence in Union Budget 2022, the allocation towards Healthcare is not to the level we anticipated. Coming out of the shadows of the pandemic, it is most important to allocate at least 3% of the Budget to healthcare.” Azad concluded.

Bharat Bhatia, Founder and CEO of Conares told this reporter that the Indian Finance Minister Nirmala Sitharaman presented a highly promising budget projecting a lot of opportunities for growth and investments that would prove to be beneficial to the economy at large.

“The budget promises marginal allocations for urban capacity building, modernization of building by laws, town planning schemes and transit-oriented development will be implemented. Announcements on setting up Centres of Excellence with an outlay of 250 crore for urban sector development, 480 billion rupees for affordable housing, 195 billion rupees towards solar equipment manufacturing will manifest the infrastructure development sector leaving massive impact on the economy.”

“I also appreciate the announcements on revoking customs duty on stainless steel, flat products and high steel bars; in addition to extension of customs duty exemption on steel scrap for another year for small- and medium-sized businesses.”

Dr  Ram Buxani, Chairman, ITL-Cosmos group, stated:  “Not many people had expected that Nirmala Sitaraman will manage to present her budget uninterrupted for four times and that too with a popular acceptance. Her control over language is extra advantage. COVID-19 has left many mentally ill.

 A National Mental Health Programme launch is well thought of step. Farmers are very well looked after in the budget. 100 cargo terminals to be developed in next 3 years, 400 Vande Bharat trains to be indigenously manufactured, promoting chemical free farming, promote startups for drone manufacturing and to offer drone as service, a hefty amount of 60 thousand crore to be provided for tap water to benefit 3.8 crore households, formation of digital university all are going to make India stand on the line with most advanced nations with high level infrastructure.

Sovereign Green Bonds to be issued by Government of India will attract  handsome funds from NRIs, so is introduction of Central Bank digital currency step a pragmatic move. Confidence in the taxpayers by introducing a provision for recalculation and fresh filing of returns within 2 years is something all will be happy about.

Abhishek Sharma, Co-founder & COO at Fashinza (Logistics platform for apparel manufacturers), said: Overall, the budget looks satisfactory with core focus on infrastructure development. This will fuel growth sentiments in country. The government has well recognised and addressed the financials problems being faced by MSME sector and has given a great boon by extending ECLGS. Digital assets have also gained recognition.

Dr Thumbay Moideen, Founder President, Thumbay Group, stated:  It is welcoming to see the government’s unwavering commitment in boosting investments, creating jobs and improving ease of doing business.

“For the healthcare sector, especially, it’s encouraging to see that healthcare sector spending is a priority.” Moideen concluded.