NRIs commend India’s Interim Budget for 2024/25

Inayat-ur-Rahman, Business Editor

India unveils the Interim Budget for 2024/25 on Thursday. The pre-poll budget is being seen as an economic manifesto for Prime Minister Narendra Modi’s ruling party and will give clues to the market on its plans for fiscal consolidation, borrowings and future taxation policy.

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

Dr. Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said: It is heartening to see that the Interim Union Budget focuses on the uplift of the masses through specific focus on the poor, farmers, youth and women. The allocation of Rs 1-lakh crore with 50-year interest free loans will encourage the start-up culture that India is now thriving upon, encouraging the youth of today to become entrepreneurs and focus on their growth as well growth of the nation.

“In healthcare we were hoping to see an increase in the GDP allocation of minimum 5% for the sector, hopefully this will be addressed in the complete Budget to be announced in July this year, under the new government. We are glad that the government is considering to add more hospitals in all districts in the country, which is essential to meet the rising demand. We would recommend focusing on public-private partnerships (PPP) to address this. With all maternal and child healthcare to be brought under one- scheme, this will be essential.”

“It is promising to hear that government plans to open more medical colleges alongside existing hospital infrastructure. There is now an urgent need for comprehensive reform of medical education, to ensure that the medical professionals of tomorrow are trained in the latest medicine and techniques, like their western counterparts.”

“The strong impetus on immunisation of children under Mission Indradhanush and young girls for cervical cancer will go a long way in strengthening preventive care measures in the country and reduce the burden from communicable and non-communicable diseases.” Azad concluded.

Bharat Bhatia, Founder and CEO of Conares, said: The Indian Union Budget 2024 is commendable for its strategic vision and emphasis on economic growth. The proposed measures align with our expectations, particularly in bolstering the steel and manufacturing sector. The budget’s focus on infrastructure development is a positive catalyst for our industry, and we anticipate increased demand. The India-Middle East-Europe Economic Corridor in the budget presents exciting opportunities for global expansion. Additionally, the budget’s commitment to fostering innovation and technology resonates with our mission for sustainable and advanced steel production. Overall, we view the budget as a constructive step towards fortifying the foundations of India’s industrial landscape.”

Paras Shahdadpuri, Chairman, Nikai Group of Companies, said: I am glad to see the dedicated focus in the Interim Budget 2024 economic agenda on four foundational pillars: ‘Garib’ (the impoverished), ‘Mahilayen’ (women), ‘Yuva’ (youth), and ‘Annadata’ (farmers). These pillars underscore a commitment to addressing the diverse needs and aspirations of these critical segments of society, creating a more inclusive and equitable economic landscape. Furthermore, the articulated vision for ‘all-round, inclusive development’ reaffirms the government’s commitment to holistic progress that transcends specific sectors. By aspiring to turn India into a developed nation by 2024, the government is signaling an ambitious agenda for comprehensive growth, encompassing economic, social, and infrastructural dimensions.”

John Varghese, Managing Partner, HLB HAMT, said: Honoring fiscal responsibility amidst economic challenges, the 2024 Indian Union Budget sets a visionary course for inclusive growth, governance, and performance. With a resilient commitment to economic well-being, the budget prioritizes national security and underscores the government’s dedication to safeguarding the nation. The holistic approach spans diverse sectors, fostering societal development. Recognizing the pivotal role of technology and innovation, provisions for startups and research funds signify a dynamic business environment. Infrastructure development and the strategic India-Middle East-Europe Economic Corridor (IMEC) underscore a forward-looking economic vision, enhancing connectivity and global collaboration.”

G.P. Hinduja, Chairman, Hinduja Group, said: Interim Budget is both a time for reflection and visioning for the future while managing adroitly the present. Compliments to FM Nirmala Sitharaman for effectively achieving this. She articulated the achievements of the past decade and spelt out the broad roadmap to 2047 while maintaining the path of fiscal rectitude with fiscal deficit targeted at 5.1% in FY 25 and down to 4.5% in FY 26.

The interim budget commendably shunned any populist measures so often resorted to by the governments. But Bharat could certainly do more on its infrastructure CAPEX budgeting which increased nominally by 11%. Some bold measures are needed to increase the annual FDI level of 60bn $ further. The banking and power sector reforms coupled with further impetus on digital infrastructure are imperatives to Vikasit Bharat with improved sovereign rating. Overall, stability and continuity with judicious acceleration are the wheels deployed through this interim budget for taking off this flight. Now, it’s over to July 2024.