Dubai: Dr B R Shetty’s quote on Indian Union Budget - 2015
- Media Release
Dubai, 02 Mar 2015: ‘Overall, the Budget has been positive on many fronts. Focus on Make in India will set India off on a faster trajectory of growth opening up more avenues for NRIs to contribute to the nation’s development. Reduction in Corporate Tax from 30 to 25 percent over a 4-year period, allowing foreign investments in Alternative Investment Funds, as well as replacing FDI and FPI with composite caps, will be welcomed graciously by NRIs looking to invest in India.
The budget saw a strategic focus on Financial Inclusion. After the Prime Minister’s Jan Dhan Yojana, the Government’s initiative to launch a National Skills Mission is a commendable step towards development through this route. Given that Indians are much sought-after worldwide for their integrity and commitment, strong skills will add to this and make India a treasure trove of multi-skilled youth. This will increase the earning capacity of the expatriate workforce, thereby enabling them to directly remit more money home, contributing to economic boost.
Additionally, the initiative of enacting new law on Black Money is a positive step towards tackling the menace of Hawala system. If stringent regulations are followed in this front, legal remittances would increase India’s foreign assets and broad money, signaling economic growth.’
Dr B R Shetty, MD & CEO, UAE Exchange