Gulf Business: The Indian business community in the Gulf offered a mixed response to India’s interim Budget for 2024-25. While some praised it as forward-thinking, envisioning India’s transition from a developing to a developed nation by 2047, others expressed disappointment over the absence of tax reliefs for individuals.
Gulf Business Community
Finance Minister Nirmala Sitharaman presented a vote on account for 2024-25 in Parliament, proposing no alterations in income tax rates for individuals and corporations, as well as customs duty.
One highlighted aspect of the interim Budget was the necessity to enhance the digitalization of tax-related procedures, including changes in residency status and assessments, along with alternative tax return verification systems linked to non-resident Indians (NRIs).
Regarding infrastructure, concerns were raised as the 11.1% increase in capex budgeted for infrastructure was perceived as lower compared to previous years’ run rates.
Despite this, some, like Sunil Manjarekar, President of GMBF Global, chose to focus on positives, particularly the emphasis on women empowerment through entrepreneurship and the 30-crore Mudra Yojana loan.
However, amidst the attractive metaphors used in the Budget, there’s a stark reality of socioeconomic challenges, as evidenced by significant gaps between expected revenue and budgeted expenditures, resulting in ongoing deficits.
This year’s Interim Union Budget is noted for its forward-looking stance and commitment to development and inclusivity. It lays down a clear trajectory for sustainable growth, placing emphasis on technology, healthcare, and education, all pivotal for long-term progress.