Modi 3.0 Budget Receives Positive Response from Gulf Region NRI Businessmen

The Modi 3.0 government's first budget, presented by Finance Minister Nirmala Sitharaman, has received a warm reception from NRI businessmen in the Gulf. Key measures include a Rs 2 lakh crore allocation for job and skill programs over five years, support for rural and MSME sectors, and reduced import duties.

The Modi 3.0 government's first budget has sparked enthusiasm among NRI businessmen in the Gulf region. Presented by Finance Minister Nirmala Sitharaman, it proposes Rs 2 lakh crore over five years for various job and skill programs.

Dr. Sunil Manjarekar of GMBF Global Dubai, praised the targeted measures aimed at creating jobs, boosting consumption, and supporting rural and MSME sectors. Under the budget, Rs 2.66 lakh crore is allocated for rural development, including natural farming initiatives for farmers.

Gaurav Malhotra of Hansgrohe India and Kamal Vachani of Al Maya Group highlighted the budget's focus on manufacturing capacity and tax incentives that could drive housing, domestic manufacturing, and consumer demand. The budget, however, disappointed some due to increased capital market taxes.

(With inputs from agencies.)