As the country is debating the pros and cons of the fourth budget of Narendra Modi Government presented by Finance Minister Arun Jaitley, Non-Resident Indian leaders have cautiously welcomed the budget, terming it as a growth-oriented one. Yusuffali MA, Chairman Lulu Group, one of the leading NRI tycoons from the Middle East has said : “Keeping in mind the fact that, currently India is 7th largest economy and looking to reach 5thposition, this is a very encouraging and growth-oriented budget with more emphasis given on rural & infrastructure development. This will enable India to get a competitive edge in the global economy and bring about real changes.”
Yousuf Ali who is planning a number of new multi-billion projects in the Middle East, India and other prominent markets said “the budget pays special attention to farmers with the announcement of raising minimum price for crops & investing heavily in the agriculture sector. Increase in allocation in food processing will surely benefit farmers and create more jobs in this sector.” Yousuf Ali recently participated in the major agri investment conference convened by the Prime Minister in which Chief Executive Officers and decision makers from global food and agricultural conglomerates attended.”
“The decision to implement world’s biggest national health protection scheme is a huge initiative which will benefit all sections of the society. The budget also pays special attention to poor, women and senior citizens by announcing various path breaking steps for their welfare,” Yousuf Ali remarked.
On the Non Resident Indian community Yousuf Ali welcomed the red carpet welcome to NRI investment at par with domestic investment. “One of the most game-changing policies announced recently by the Modi govt. has been about treating all NRI investments as a Domestic investment. This has thrown open many new investment opportunities for NRIs, especially from the Gulf region, who have always wanted to invest back in India and be an active partner in country’s growth.”
“Though there is no mention about NRIs in this budget, I hope the Government will come up with proposals or initiatives to leverage the potential of NRIs to invest more in India by way of introducing transparent plans and hassle-free procedures,” Yousuf Ali said.