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New proposals would raise the capital requirements for the largest and most important banks by 9%, down from 19%
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NRIs happy with Indian budget
ABU DHABI The first budget of Indian Finance Minister, Jashwant Singh, has impressed Non-Resident Indians (NRIs) who call it a direction-oriented budget for next year, as it can lead the economy towards low inflation, cut fiscal deficits and increasing funding on development.
Sudhir Kumar Shetty, general manager of UAE Exchange: "The budget is dynamic and will augment desired growth."
Shetty said foreign equity in private banks has been allowed to increase to 74 per cent from 49 per cent, this one step would double the foreign direct investment (FDI) in the banking industry and create confidence among foreign investors interested in other sectors too.
He said that the budget 2003-4 has created more opportunities for the non resident indians and they should have to tap the potential to the maximum.
He said that the new tax measures were positive and would help remove tax evasion to an extent. The Custom duty rationalisation to 25 per cent from 30 per cent peak rate would improve collection.
Sandip Bhatt, a financial analyst with Damac Group, said that budget was 'growth- oriented' and the GDP growth target of 6 per cent was quite achievable, provided the impact of any increase in the oil prices following a war on Iraq is minimal and the privatisation process goes ahead.
He said that the tax relief, though not a big one, could increase demand which could have domino effects on the economy.
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