India’s 2019-2020 budget gets mixed response

Imran Mojib, Special Correspondent

India’s full year budget for fiscal year 2019-2020, presented by Finance Minister Nirmala Sitharaman on Friday failed to enthuse Indian community in the UAE as there is nothing much for the NRIs. They commended the government for proposals on agricultural investment and “Study in India” programmes. But they pointed out there were hardly any big proposals to boost both economic growth and job creation, two big challenges India is facing currently.

Dr Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare, commended the government for striving to make India a $5 trillion economy soon and said that this will place India on the world centre stage. However, he lamented that regarding NRIs and healthcare sector, “there is nothing much to sing about.”

“There has been no significant announcement pertaining to healthcare in union budget. While there was hope for the allocation for health sector in view of the requirement for funding the Ayushman Bharat, this has not happened,” he said.

Moopen welcomed the proposal to allow NRIs to have Aadhar Card. This will help them sort out many issues that they face now during identity and transacting business in India.

Welcoming the proposal on education, he expressed hope that there will be more funding for starting and upgrading medical colleges. He said that the proposal for “Study in India” programme will help in setting up autonomous institutions.

Nalapad Ahmed Abdulla, Chairman of Credence High School, Dubai, also welcomed the announcement of the New National Education Policy in the budget.

“The new policy proposes major changes in both school and higher education, improves the governance systems, and puts greater focus on research and innovation. The budget has provided for Indian Rs4 billion for this fiscal to build ‘World Class Institutions.’ This is a positive step,” he said.

Dr Ram Buxani, Chairman, ITL Cosmos Group, Dubai, said that this is pro-poor and pro-development budget. There is focus on agricultural investment which is very important. Super rich will have to share fortune more liberally with the exchequer. Indeed a well thought budget.

He also praised the focus on promoting higher education sector in the country.

Navin Kapoor, Managing Director of Xpertize United, Dubai, said that the finance minister, with her PwC background, understands the importance of macro level development to achieve micro level goals. He said that India is striving to become $5 trillion economy in the next five years and to achieve this, power, infrastructure , water, housing and rural India will play a vital role.

Bharat Bhatia, CEO of Conares – the second largest private steel manufacturer in the UAE, appreciated the budget’s proposal to simplify tax administration and bring greater transparency to stimulate the economic growth and promote inclusive development.

“The Government spending assumes huge significance on infrastructure development in the next five years. This will be a big boost for infrastructure related companies including steel manufacturers,” he said.

Nimish Makvana, President of the Indian Business & Professional Council (IBPC) Dubai, termed it a growth-oriented and futuristic budget.

“The proposals for investments in infrastructure sector show strong vision of the government and importance of investment in infrastructure for the growth of the economy apart from other major investments initiatives. The reduction in red tape for better governance is loud and clear message for growth and transparency of government,” he said.

Shaji Ul Mulk, Chairman of Mulk Holdings, said that the budget is a pro-development and pro-agriculture that will help boost GDP growth to more than the current level. “Massive spending in infrastructure will help the economy to expand fast,” he added.