India’s central budget is being discussed even abroad, British businessmen welcomed the faith-based budget
Union Budget Discussion: The general budget has been welcomed by the UK business and investor community. It is focussed on economic growth, promoting private investment, and a trust-based economic ²sting.
Richard McCollum, CEO of the UK India Business Council (UKIBC), said there was an emphasis on focussing on foreign direct investment, skill development and simplifying conditions for policy reforms.
Promote economic growth and private investment
McCollum said he was encouraged to focus on promoting economic growth and private investment, because we need more private investment to make growth sustainable, boosting skill development and consumer spending. This will benefit the negotiations of the Free Trade Agreement.
He supported reforms to simplify inspection and certification. We have long advocated for easing the conditions for foreign investment, he said.
What did the founder of the IGF say?
The chief executive (CEO) of the UK-based India Global Forum (IGF) said the budget has a lot to do for global investors with its focus on manufacturing and infrastructure. The increase in the limit of foreign direct investment in the insurance sector was described as big news.
IGF founder Manoj Ladawa said there is a big boost for global companies looking for expansion. Transformational tax reforms aim to streamline the system and make India more attractive to do business.
Indian traders living in Gulf countries welcomed
Some provisions in the budget have brought good news for businesses run by NRIs in the Gulf countries. Bhavesh Talreja, founder and CEO of Global Media, said that given the strong economic and trade ties between India and the GCC countries, there are both opportunities and challenges for the marketing and advertising industry along with the potential impact on the Gulf region.
The budget welcomes emphasis on digital infrastructure, AI innovation and 5G expansion. Paras Shahdapuri, founder and chairman of Nikai group companies, said the cut in personal income tax rates and increasing the non-taxable income limit will boost middle class spending, which will stimulate the broader economy.
Lulu Group Chairman Yusuf Ali M. A. He said that the budget is a crucial moment in India’s economic progress, which gives a much-needed boost to the middle class and furthers the goal of making the country a five trillion dollar economy.
