Union Budget 2024: Gulf NRIs thrilled by allocation for jobs, skill development programmes

Established over a decade ago, GMBF, or the Gulf Maharashtra Business Forum, facilitates business, professional growth, and trade development for individuals and businesses linked to the Middle East & Africa and Maharashtra state in India.

Talking about MSME and manufacturing support, Manjarekar hailed the budget’s increased credit guarantees, technology support, and raised Mudra loan limits from Rs 10 lakh to Rs 20 lakh for MSMEs. He also pointed out the proposed Rs 2.66 lakh crore allocation for rural development, including natural farming for 1 crore farmers over two years.

Shakir Kantawala, co-founder and managing partner of WingsWay Training Institute, praised the Indian government’s consistent investment and focus on education and skills development, with financial support for loans seen as crucial for the large workforce and young career seekers. WingsWay Training Institute offers a broad range of skills training.

“We welcome the new budget’s focus on manufacturing capacity and the introduction of policies for efficient and transparent rental housing markets,” news agency PTI quoted Gaurav Malhotra, MD of Hansgrohe India, as saying.

Malhotra noted that these measures provide a positive framework for companies to thrive and contribute to a sustainable future, though he found the increase in taxes on capital markets somewhat disappointing.

Hansgrohe India, a subsidiary of the German Hansgrohe Group, has been operating in Abu Dhabi since 2016.

Chandrashekhar Bhatia, Chairman of GBF Middle East, commended the financial support for loans up to Rs 10 lakh for higher education in domestic institutions.

However, he mentioned a common expectation for the budget 2024: introducing a 30 per cent income tax rate for earnings above Rs 20 lakh, rather than the current threshold of Rs 15 lakh, to increase disposable income for the middle class. Bhatia also welcomed the reduction in gold duty from 15 per cent to 6 per cent as positive news for NRI families.

Kamal Vachani, Group Director & Partner at Al Maya Group and Regional Director at the Electronics and Computer Software Export Promotion Council (ESC), praised the budget’s emphasis on boosting domestic manufacturing and strategic tax incentives, creating a promising environment for industry growth.

Vachani lauded the increase in loan support for higher education, viewing it as a visionary move to develop a skilled workforce crucial for innovation and competitiveness in the electronics sector.

“The government’s commitment to higher education through increased loan support is a visionary move that will cultivate a skilled workforce, essential for the electronics sector’s innovation and competitiveness,” PTI quoted him as saying.

He also welcomed the reduction in customs duties on mobile phones, chargers, gold, and silver, which he believes will stimulate consumer demand and benefit domestic manufacturers by reducing input costs.

The reduction of import duty on gold is also expected to curb smuggling, while the simplification of duty structures for input parts and sub-assemblies will streamline operations and foster a more competitive environment for electronics manufacturers.

— With inputs from PTI