Dubai: Sudhir Shetty, President of UAE Exchange quote on Indian Union Budget

- Media Release

Dubai, 02 Mar 2015: ‘Modi Government’s first full year budget for the fiscal 2015-16 reflects the India roadmap Prime Minister Narendra Modi has been evoking ever since he came to power. In that context, it is an endeavor in amalgamating aspects of social agenda with economic growth priorities. While there are significant steps in the direction of economic growth priorities like the boost in infrastructure spending and phasing out of sick PSUs, the budget largely seems to aim at paving the way for India growth without losing eye on welfare priorities. Laudable initiatives of the budget include facilitating funding to small entrepreneurs with Mudra Bank refinancing microfinance institutions that will strengthen the Make in India prospects. Endeavors like Atal Pension Yojana and Universal Security Scheme are also welcome policies. However the Budget seem to have missed out on Modi Government’s posture of integrating overseas Indians into the country’s growth story as there is no specific scheme that could benefit NRIs who remit billions to India, or any policy indication that will encourage NRIs to invest in India projects.’

 

 Y Sudhir Kumar Shetty, President, UAE Exchange