Dubai: Indian Finance minister Nirmala Sitharaman on Thursday made history by presenting her sixth consecutive budget, matching the record set by former Prime Minister Morarji Desai. The Indian economy has witnessed a profound positive transformation in the last 10 years, Sitharaman said. Presenting the interim Budget 2024-25, she said that the government is working to make India a developed country by 2047. India is the fastest growing major economy in the world and in the coming years will become the world’s third largest economy with a $5 trillion GDP.
Indian diaspora and business community expresses their views and hope that this budget will make a pathway to acheieve the $5 trillion GDP.
Yusuff Ali MA, Chairman of Lulu Group: Obviously it’s an interim budget, so one would not expect any major announcements or initiatives but the key take away for me are huge emphasis on transportation and connectivity especially in the railway and aviation sectors. These steps will surely benefit all round growth and as a key retail player, I am very optimistic about the positive impact this will have on various related sectors such as logistics, sourcing and shopping in general.
The budget proposal to set up five integrated aquaparks in the country will certainly benefit the fishermen community throughout the country. Apart from this, the budget gives more focus on poverty elevation, farmers, and women empowerment as new measures are being implemented, which will help India to become a global economic superpower in the coming years – Yusuff Ali added.
Dr. Azad Moopen, Founder & Chairman, Aster DM Healthcare: “It is heartening to see that the Interim Union Budget focuses on the upliftment 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”.
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. – Dr. Azad added
Paras Shahdadpuri, Chairman, Nikai Group of Companies: “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.”
Kamal Vachani, Group Director and Partner at Al Maya Group, expressed his positive views on the India Budget 2024-2025. He praised the Indian government for its efforts in presenting a well-balanced budget that addresses the needs and concerns of all sectors of
the economy.
“I believe that the budget 2024-2025 is a step in the right direction towards achieving the country’s economic growth and development goals,” Mr.Vachani said.
“The announcement of a dedicated budget for post-harvest activities is a welcome move, as it will not only improve the overall efficiency of the sector but also create more job opportunities for rural communities. Additionally, the government’s focus on promoting private investment in this area will lead to greater innovation and modernization in the
agricultural sector,” Kamal Vachani added.
Furthermore, Kamal Vachani highlights the reduction in gross borrowing for FY25, which is estimated at ₹14.13 trillion. This reduction is a positive development and will help in stabilizing the country’s fiscal position. He added that it also reflected the Indian government’s commitment to managing its finances effectively while continuing to support various sectors of the economy.
Bharat Bhatia, Founder and CEO of Conares: “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.”
Abdul Jebbar, Founder and Group Managing Director of Hotpack Global: “The interim Union Budget 2024 lays a robust foundation for economic resilience and growth, with a notable focus on industry and manufacturing. The increased capital expenditure, particularly in infrastructure projects related to railways, roads, and logistics, is a positive stride. The budget’s inclusive approach, with provisions for startups and extended tax benefits, is aligned with fostering innovation and technology.
The emphasis on the India-Middle East-Europe Economic Corridor (IMEC) as a strategic initiative holds promise for transforming trade dynamics and fostering economic development through enhanced connectivity. Overall, this budget echoes a commitment to industry-led progress and a sustainable economic future.”
John Varghese, Managing Partner, HLB HAMT: “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.”
CA (Dr) Sahitya Chatutvedi- Convener IBPC Dubai said that, “The Interim Budget 2024 is likely a vision statement for Vikisit Bharat, A journey from developing to developed country by 2047.
The initiatives towards Solarization, Electronic Vehicles, Green Energy, Ayushyaman Bharat, Modern Farming, Post Harvesting Activities, Gokul Mission, Matsa Sampada, Lakpati Didi, Rural and Mid scale housing are excellent initiatives to make the economy larger than 5 Trillion US Dollars.
The metaphors used in Budget are attractive yet the reality of social economic challenges are also critical as evidenced by the big gap and Change in expected revenue and budgeted expenditures, leading to continual Deficit. Reduction in Corporate Tax is applauded but a comprehensive review of conditions is holding my opinion. No Change in Tax Rates is a status quo.”
Chandra Shekhar Bhatia -Chairman – Global Business Federation Middle East added that, “The Union Budget 2024 is a victory statement and vision of Indian Government. I believe the policies highlighted are widely covering the segments from society and industry from agriculture till aquaculture.
Stock market’s index are increasing that means public is accepting the note.
But the absence of reduction in Tax reliefs to Individual Tax Payers is hard to accept and balancing the household Income and expenditure by middle class.”
