 "Finance Minister Arun Jaitley leaves from North Block to meet President before presenting the Union Budget 2016-17, in New Delhi")
Indian businessmen in the Gulf today largely welcomed the Budget, saying the thrust on rural and agriculture sectors will boost several industries but rued that there was "nothing great" in it for NRIs.
They said the Budget focussed on the rural and agriculture sectors but the allocation to social campaigns like Swachh Bharat Abhiyan, India's biggest drive to improve sanitation and cleanliness, was unsatisfactory.
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Yusuffali MA, Chairman of Middle East's largest retail chain Lulu Group, called it a prudent budget.
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"(It) has clearly highlighted the growth pillars of the Indian economy in agriculture, rural, social sector, skills, ease of doing business and tax and compliance reforms," he said.
"In my point of view, the 'three-year tax holiday' for start-ups is one of the most exciting announcements of this budget. The next generation of skilled entrepreneurs are our future," he said.
Kamal Vachani, Regional Director of Electronics and Computer Software Export Promotion Council, and Group Director of Al Maya Group, said it was a growth-oriented budget.
"Allocation of Rs 35,984 crore will give big boost for agriculture sector and focusing on the rural growth will push the business across various industries," Vachani said.
"100% FDI allowed in food processing industry, where the products are manufactured and then exported out of India will attract more foreign investors."
He welcomed the proposal to register a startup in one day and 100% tax deduction for companies building houses of up to 30 sq metres besides no service tax for up to 60 sq metres.
Rizwan Sajan, Founder-Chairman of Danube Group, said the revival of infrastructure projects, improved connectivity, corporate tax overhaul and FDI norms, point towards achieving the Skill India and Make in India goals.
"The new budget proposes an ecosystem which is investor- friendly through simplified tax structure and special schemes that offer debt, equity and receivable financing. So all in all it's a mixed budget and has something for everyone," Sajan said.
He said everyone looked forward to three major areas -- taxation, ease of doing business and markets.
Sripriyaa Kumaria, Director General India Trade & Exhibition Centre ME, said the impetus on rural, agricultural, infrastructural sector and the commitment to stable tax structure will give the much-needed push to industrial growth.
"The tax holidays for start-ups for 3-5 years of setting up the company and the amendment to 'The Companies Act' to ensure speedy registration of the companies shall boost the Startup India campaign of Prime Minister (Narendra Modi)," she said.
However, she said the Rs 9,000 crore allocated for the Swachh Bharat Abhiyan is however unsatisfactory as more funds were needed for such a large campaign on improving sanitation.
Kumaria rued that the Budget did not have much for NRIs.
"There is nothing great for NRI's in this budget although many areas such as NRI investments in Agriculture etc could have been dealt with. The focus of the government now should be to implement the budget provisions so that common people, businesses and investors can feel the change," she said.
Kumaria said the allocation of Rs 1,700 crore for 1500 multi-skill development centres will help job creation which is the need of the hour for the unemployed and educated youth.
Yusuffali said another highlight of the budget was 100% FDI in food processing business. This will help international players looking to set up business in India, Yusuffali said.
"Being a retailer, obviously I am pleased to note that the FM has mentioned about retail as the largest service sector employer in country and many more jobs opportunities can be created, provided the regulations are simplified. From a common NRI's point of view, the easing of customs declaration and increasing of free baggage allowance are a welcome step," he said.
