NRIs in the Gulf welcomed the increased allocation for social sectors like education in the Union Budget on Wednesday as a great step, but lamented that no concrete measures were taken for Indians settled abroad.
Suresh Kumar, president of the Indian Business and Professional Council, and a top local banker, welcomed the increased allocation for social sectors like education, saying it was a long term measure.
"It is a mixed bad Budget, some proposals are good, but it is largely NRI neutral," he said, adding the Budget does not mention anything for the NRIs directly.
Kamal Vachani, regional director of Electronics & Computer Software Export Promotion Council, and also director of Al Maya Group, Dubai, welcomed the various steps saying the finance minister has rightly focused on giving high priority to education and health.
Similarly, cut on import duty on medical equipments will, undoubtedly, be a gesture to all natives of all level in attaining treatment at reasonable rate.
The reduction in peak rate customs duty for non-agricultural products from 12.5 per cent to 10 per cent is welcoming steps, which is only a short distance away from rates prevailing in East Asian countries.
Indians can invest in securities outside India through Mutual Funds, which is also a welcoming steps taken by the finance minister, Vachani said.
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