NRIs hail budget reform-driven friendly budget

Non-resident Indians in the UAE have greeted the 2021-22 budget as a recovery-focused and reform-driven initiative featuring some key game-changing measures for overseas Diaspora.

They have been near-unanimous in declaring the budget presented on Monday by Indian Finance Minister Nirmala Sitharaman as NRI-friendly with a proposal to avoid double taxation while opening the One Person Company (OPC) sector for NRIs.

Following are comments made by a cross-section of NRIs in the UAE:

Yusuffali MA, chairman of Lulu Group: A magical budget that is sure to propel Indian economy even amidst the global pandemic challenges. Very glad to note that there are some very specific steps being taken to tap the NRI investments. OPCs are going to be a game-changer.

Dr Azad Moopen, chairman, Aster DM Healthcare: We are glad that the total budget outlay for health and well-being has increased by 137 per cent to Rs2.24 trillion. OPCs will enable NRIs to start fresh venture and earn a living.

PNC Menon, chairman Sobha Group: Increasing the tax threshold for NRIs from Rs50 million to Rs.100 million and rules to avoid double taxation on NRI income are welcome initiatives. New health infra scheme is also a major step.

Ram Buxani, chairman, ITL-Cosmos Group: The importance to the UAE in the budget makes NRIs here proud. A phenomenal Sensex rally points during budget speech is proof how investors view it. Disinvestment plan in several PSUs prove that business of the government is not to do business.

Mahendra Patel, chairman, Geap Group: An exceptional budget under exceptional circumstances. A brilliant growth oriented budget that gives a fillip to growth and development. Good move to retain the existing tax structure. Increase in FDI in banking and insurance sectors is welcome.

Paras Shahdadpuri, Chairman of Nikai Group: An excellent, exceptional, and game-changer budget. No new taxes as was widely feared. It deserves 9 out of 10 marks. Infra has been in focus, it requires massive investments where NRIs can help with their huge capacity to contribute.

Rizwan Sajan, chairman, Danube Group: A target of 11 per cent growth makes budget a remarkable one. Tax holiday for startups is a great move. Several good initiatives in the budget will speed up recovery and growth. The stock market has greeted it with positive response.

Bharat Bhatia, CEO, Conares: A game-changer budget. It has all the ingredients to spur growth. The budget put in place new customs structure effective from October 2021. The revoking on anti-dumping duties and countervailing duties on certain steel products is a welcome step.

Thomas KV, chairman, Thomsun Group: Disinvestment of Rs1.75 trillion in public sector banks and insurance companies will generate liquidity for development of infrastructure projects.

Mohan Valrani, chairman, Arcadia Education: A growth-oriented budget with greater emphasis on infrastructure, healthcare and education and the highest ever increase in capital outlay for the defence sector. Measures proposed to reduce the compliance burden of taxpayers are welcome.

Faizal Kottikollon, chairman, KEF Holdings: Increased spending on healthcare is the need of the hour. Tax holidays on startups and avoidance of double taxations are great steps.

Anis Sajan, managing director, Danube Home: A very balanced budget with focus on improving healthcare, infrastructure and Atmanirbhar Bharat. Huge allocation for healthcare, Covid vaccines and development of highways are the main highlights.

Suresh Kumar, chairman, Indian Business and Professional Council, Dubai: A "nation-building" budget with large outlays for healthcare and infrastructure; which should create much-needed new jobs. Banking and insurance sectors have got liberalisation boosts. On double taxation, the Finance Ministry should engage with overseas NRIs and business councils.

Kamal Vachani, Group director, Al Maya Group: Several of social welfare schemes, minimum wage provision for all categories of workers, allowing women to work in all categories with adequate protection, exemption of filing returns for senior citizens of over 75 years are great proposals.

Surender Singh Kandhari, Chairman Al Dobowi Group: The budget is friendly towards Indians, especially NRI’s. The backbone of any country is its infrastructure. A huge allocation for infrastructure will help the country to grow into a $5 trillion economy.

Adeeb Ahamed, managing director, Lulu Financial Holdings: The budget is accommodative of the needs of NRIs by ramping up provisions for investments and proposing measures to remove double taxation. The government’s thrust on digital initiatives and continuous infrastructure spending is also rightly placed.

Dr Sunny Kurian, chairman, IBPC Sharjah: Trying times call for bold measures and Indian Budget 2021 has tried to do that. Disinvestment and privatisation of select sectors augur well for the economy. We welcome it as there is no additional personal or corporate taxation while the focus is on infrastructure development.

Raju Menon, chairman, Kreston Menon: Increased share of FDI in insurance sector from 49 per cent to 74 per cent will bring external funds more into the system which will be utilized eventually for public care projects. Measures to clean up NPAs from banking sector are a good move.

Sudesh Aggarwal, chairman, Giant Group: In the first post-Covid budget government assured that it cares for the health and well-being of its people. There is a push on infra projects and economic activity and I hope it shall lead to real time employment generation. Doubling the income of farmers is illusive.

James Mathew, convener – NRI Affairs, IBPC: Reducing custom duty to curb smuggling and One Person Company can bring in some positive changes. Raising money from disinvestments to possibly find a solution to the unemployment is a welcome move.

Anish Mehta, chairman The Institute of Chartered Accountants of India, Dubai Chapter: The budget has not given additional tax sops to individuals or NRI’s but also not increased any tax rates. NRI’s dispute can be resolved online which is a welcome step.

Neeraj Ritolia, chairman, ICAI Abu Dhabi Chapter: Direct taxes remain unchanged. Boost in healthcare and infrastructure sector. NRIs are now enabled to set up OPCs. Increase in FDI for insurance sector and elimination of double taxation for NRI foreign retirement funds bring cheers to Indian diaspora.

Dr Raza Siddiqui, executive director, RAK Hospital: Certainly a “budget like never before” and a very good budget focused on reviving the economy by increasing the capital expenditure. Happy to see spending on healthcare increasing by 137 per cent. The budget also brings a lot of cheer to NRIs.

Sunny Kulathakkal, president Global Organisation of People of Indian Origin: The avoidance of double taxation on NRI income and the move to allow NRIs to set up OPCs are positive steps that will encourage investments.