Budget ticks right boxes for Abu Dhabi corporates
Abu Dhabi - Khaleej Times spoke to a cross-section of businessmen, including Yusufali M.A., managing director of LuLu Group, Dr B.R. Shetty, CEO of NMC Group, Dr J.R. Gangaramani, chairman of Al Fara'a Group, Adeeb Ahamed, CEO of LuLu Exchange International, and Y. Sudhir Kumar Shetty, CEO of UAE Exchange, who were very positive on the budget's direction.
Published: Tue 1 Mar 2016, 8:55 PM
The Indian business community in Abu Dhabi described budget 2016-17 as pro-poor and growth-oriented and one that would change the lot of hundreds of millions of poor farmers in rural India.
Khaleej Times spoke to a cross-section of businessmen, including Yusufali M.A., managing director of LuLu Group, Dr B.R. Shetty, CEO of NMC Group, Dr J.R. Gangaramani, chairman of Al Fara'a Group, Adeeb Ahamed, CEO of LuLu Exchange International, and Y. Sudhir Kumar Shetty, CEO of UAE Exchange, who were very positive on the budget's direction.
Yusuffali called it a "prudent budget" that would make a positive impact on important sectors. "I am happy that the government has focused on 'Make In India' by providing tax and duty relief. These will go a long way in strengthening the manufacturing capabilities and infrastructure facilities in India," the richest NRI in Abu Dhabi said.
The finance minister's focus on agriculture would help enhance development which, in turn, would boost food security and exports, he said.
Tax holiday
On what is the most exciting budget proposal, he said: "The three-year tax holiday for start-ups. It will support entrepreneurship. The next generation of skilled entrepreneurs are our future and this will bring in the much-needed impetus."
Another highlight would be allowing FDI in the food processing business, the managing director of LuLu Group said. From an NRI's perspective, he said the easing of customs declaration and increasing of free baggage allowance are welcome.
Dr Shetty called it an important budget, announced at time when global economies are hurting and India leads the table in terms of growth. The budget for fiscal year 2016-17 has given priority to agriculture, food processing and warehousing, which is a good move, he said.
"Manufacturing should be a priority which will help India to overtake many economies and reduce our forex outflows," the CEO said.
Dr Gangaramani said the budget focused on real challenges facing India. "It is pro-poor, pro-farmer but a growth-oriented budget," he said. Gangaramani said the huge infrastructure spend would create jobs and fuel growth while the target of doubling farm income would change the nation's future.
"This budget is well-rounded and suggests changes to all sectors. The end of plan and non-plan budget is a major move. It is a peoples' budget with an aim to balance rural and urban growth," the chairman of Al Fara'a said.
Recognising stressed sectors such as agriculture, banking, commodity manufacturing and infrastructure, etc., the finance minister has been able to address these in a very positive manner, he said.
Rural India is in focus in the budget, said Kumar Shetty. Equally welcoming are measures for employment, infrastructure, improving digital literacy across the rural belt and cleanliness.
Jaitley showed satisfaction on strong foreign exchange reserves, which have a significant contribution from NRIs, he said. Prime Minister Narendra Modi's foreign trips have strengthened the trust of NRIs.
Ahamed welcomed the focus on the rural economy, infrastructure, education and social sectors. For NRIs, however, there is nothing much in store, he said.
The CEO appreciated measures to make India an investor-friendly destination, in line with promoting the 'Make in India' campaign.
- haseeb@khaleejtimes.com
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