Financial Daily from THE HINDU group of publications
Thursday, Mar 02, 2006


Group Sites

Industry & Economy - NRIs

NRIs welcome Budget proposals

Vimala Vasan

Abu Dhabi , March 1

NRIs in the UAE have welcomed the Union Budget 2006-2007 as balanced and favourable, though the absence of any NRI specific references has caused some measure of disappointment here.

The Indian Business and Professional Council in Dubai held a seminar on Tuesday at which various aspects of the Budget were discussed by professionals and businessmen.

Step in right direction

According to the council President, Mr Suresh Kumar, President, the Budget proposals are steps in the right direction that will help the country achieve 10 per cent annual growth. Rationalisation of excise and customs duties, reduction of indirect taxes and new incentives in infrastructure and education will help boost the people's standard of living. NRIs have, however, not been given any specific references, he said.

The Abu Dhabi-based Mr B.R. Shetty, Vice Chairman and Managing Director, New Medical Centre, said the Budget is balanced and growth oriented. "Rationalisation on fringe benefit tax is welcome. No change in the taxation and withdrawal of 1 out of 6 criteria are welcome. This will increase the compliance of taxpaying to about 12 per cent from the present 10 per cent of GDP. Lot of allotments to infrastructure, education, health and rural employment would take care of the poor and downtrodden sections of the society. This would help achieve the planned 10 per cent growth of the economy on the back of high rates of growth achieved in the past three years. The damp squib is ignoring the airport & other infrastructural development in Bangalore. Mr Chidambaram has vindicated the faith of stock market, NRIs and the rural sectors," he said.

Mr K.V. Shamsudheen, Director, Barjeel Geojit Securities, said it is one of the best Budgets presented in Parliament. "The most important aspects are no change in direct taxes, reduction in customs duty and excise duty of a large number of items, emphasis on education by enhancing the fund to 31 per cent, further emphasis on agricultural sector, infrastructure and industrial sector. The Budget has a farsighted vision which will help economic growth,'' he added.

Mr Kamal Vachani, Regional Director, ESC, said it would give a big boost to exports from India as more incentives have been offered to export-oriented units. The incentives offered are in the form of reduction of duties for selling the goods in the DTA area.

Will boost local industry

Reduction of import duties from 15 per cent to 12 per cent is a welcome step taken by the Finance Minister. This will boost the local industry to compete with the international market.

More Stories on : NRIs | Budget

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Pre-monsoon activity seen setting in early

NRIs welcome Budget proposals
Philips develops `efficient' stove
Airlines surprised at new tax proposal
A quick tour of the Budget for the hassled
`Excise duty cut to boost growth'
Kerala industrialists pleased with Budget
India Inc lauds higher allocation for critical sectors
Concern over service tax hike plan
Big gains for banks from 80C
Baleno price cut by Rs 8,000
Budget `disappoints' telecom industry
`Duty on software disappointing'
Status quo Budget, say AP industry chambers
`No concrete proposal for reducing unemployment'
`Neat Budget from long-term standpoint'
Debate on Budget
Leather ind disappointed
Budget fails to excite market players
Manufacturing sector gets a leg-up: CII
Duty hike on vanaspati cheered
Provisions will hit markets: IMC
`Common man empowered'
Walk the talk
`This should be the trend for future'
'Makes good economic sense'
ICSI hails Budget
Cement sector says nothing concrete
Growth with or vs Equity
Investment panel moots removal of sectoral caps
Engg body for service tax hike roll-back
Innovating to stay ahead
India, US to focus on bilateral trade
Malaysia for early harvest of FTA — China cited as example
Government to promote theme-based towns
`Most oil sector needs unaddressed'
Oil cos request AAI to defer awarding AFS licence
IOC's revenue loss on LPG sales to come down
Govt to nominate only two directors to oil PSU boards
`Marginal relief to oil industry'
AI commences jet fuel price risk hedging
`No relief for oil PSEs'
Workshop on public lighting in Thiruvananthapuram
Steel sector sees some lustre
Steel scrap duty a welcome step
`Not much to cheer for steel sector'
GST may be set at 14-16 pc: Chidambaram
Motor cover premium rates to rise
Insurance premium may rise with service tax hike
Increase in TUF, cut in excise duty welcomed
`Hike in TUF still insufficient'
`Progressive for textiles'
`Boost to synthetic spinning industry'
SME credit fund corpus to be raised
Survey to assess tech adoption in small industrial units
No big picture
Electrical goods makers hail duty cut
`Positive for healthcare delivery'
Morgan Stanley enters realty sector
Leather ind disappointed
RBI to allow more banks to import gold
Handloom sector hails proposals
Duty cut on textile machinery hailed
Bush agenda mum on space co-operation
New chief for Nuclear Fuel Complex
Customs duty cut perks up paints sector
Australia hails easing of mining norms
No uranium supplies from Australia
Duty cut for minerals hailed
`FDI in retail welcome with safeguards'
Cochin Motor Show from today
Vegoil base import price hiked

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line