UAE’s Indian business community optimistic about economic transformation with
Indian Finance Minister Nirmala Sitharaman on Thursday made history by presenting her sixth consecutive budget, matching the record set by former Prime Minister Morarji Desai. The Indian economy has witnessed a profound positive transformation in the last 10 years, Sitharaman said. Presenting the interim Budget 2024-25, she said that the government is working to make India a developed country by 2047. India is the fastest-growing major economy in the world and in the coming years will become the world’s third-largest economy with a $5 trillion GDP.
Indian diaspora and business community express their views and hope that this budget will make a pathway to achieve the $5 trillion GDP.
It’s an interim budget, so one would not expect any major announcements or initiatives. Still, the key takeaway for me are huge emphasis on transportation and connectivity especially in the railway and aviation sectors. These steps will surely benefit all-round growth and as a key retail player, I am very optimistic about the positive impact this will have on various related sectors such as logistics, sourcing, and shopping in general. The budget proposal to set up five integrated aquaparks in the country will certainly benefit the fishermen’s community throughout the country. Apart from this, the budget focuses more on poverty elevation, farmers, and women empowerment as new measures are being implemented, which will help India become a global economic superpower in the coming years.
Yusuff Ali MA Chairman of Lulu Group
I am glad to see the dedicated focus in the Interim Budget 2024 economic agenda on four foundational pillars: ‘Garib’ (the impoverished), ‘Mahilayen’ (women), ‘Yuva’ (youth), and ‘Annadata’ (farmers). These pillars underscore a commitment to addressing the diverse needs and aspirations of these critical segments of society, creating a more inclusive and equitable economic landscape. Furthermore, the articulated vision for ‘all-round, inclusive development’ reaffirms the government’s commitment to holistic progress that transcends specific sectors. By aspiring to turn India into a developed nation by 2024, the government is signaling an ambitious agenda for comprehensive growth, encompassing economic, social, and infrastructural dimensions.
Paras Shahdadpuri Chairman, Nikai Group of Companies
The Indian Union Budget 2024 is commendable for its strategic vision and emphasis on economic growth. The proposed measures align with our expectations, particularly in bolstering the steel and manufacturing sector. The budget’s focus on infrastructure development is a positive catalyst for our industry, and we anticipate increased demand. The India[1]Middle East-Europe Economic Corridor in the budget presents exciting opportunities for global expansion. Additionally, the budget’s commitment to fostering innovation and technology resonates with our mission for sustainable and advanced steel production. Overall, we view the budget as a constructive step towards fortifying the foundations of India’s industrial landscape.
Bharat Bhatia Founder and CEO of Conares
I believe that the budget 2024-2025 is a step in the right direction towards achieving the country’s economic growth and development goals,. The announcement of a dedicated budget for post-harvest activities is a welcome move, as it will not only improve the overall efficiency of the sector but also create more job opportunities for rural communities. Additionally, the government’s focus on promoting private investment in this area will lead to greater innovation and modernization in the agricultural sector. Furthermore, Kamal Vachani highlights the reduction in gross borrowing for FY25, which is estimated at ₹14.13 trillion. This reduction is a positive development and will help in stabilizing the country’s fiscal position. He added that it also reflected the Indian government’s commitment to managing its finances effectively while continuing to support various sectors of the economy
Kamal Vachani Group Director and Partner at Al Maya Group
It is heartening to see that the Interim Union Budget focuses on the upliftment of the masses through a specific focus on the poor, farmers, youth, and women. The allocation of Rs. 1-lakh crore with 50-year interest-free loans will encourage the start-up culture that India is now thriving upon, encouraging the youth of today to become entrepreneurs and focus on their growth and growth of the nation”. “In healthcare, we were hoping to see an increase in the GDP allocation of a minimum 5% for the sector, hopefully, this will be addressed in the complete Budget to be announced in July this year, under the new government. We are glad that the government is considering adding more hospitals in all districts in the country, which is essential to meet the rising demand. We would recommend focusing on public-private partnerships (PPP) to address this. With all maternal and child healthcare to be brought under one- scheme, this will be essential”. There is now an urgent need for comprehensive reform of medical education, to ensure that the medical professionals of tomorrow are trained in the latest medicine and techniques, like their Western counterparts. The strong impetus for immunization of children under Mission Indradhanush and young girls for cervical cancer will go a long way in strengthening preventive care measures in the country and reducing the burden of communicable and non[1]communicable diseases.
Dr. Azad Moopen Founder & Chairman, Aster DM Healthcare
