Job and consumption prospects in union budget enthuses Gulf NRIs

Provisions on employment and skilling, consumption boost, and support for rural and MSME sectors in the first budget of the Modi 3.0 government have enthused NRI businessmen in the Gulf region.

The budget, presented by Finance Minister Nirmala Sitharaman on Tuesday, has proposed Rs 2 lakh crore over five years for job and skill programs for 4.1 crore youth, including internships and incentives for first-time employees and women.

Dr Sunil Manjarekar, president of GMBF Global Dubai, said these measures aim to create jobs, boost consumption, support rural and MSME sectors, and maintain fiscal discipline while fostering digital and infrastructural development.

Set up over a decade ago, GMBF, or the Gulf Maharashtra Business Forum, aims to facilitate business, professional growth and trade development for individuals and businesses connected to the Middle East & Africa and Maharashtra state in India.

Highlighting the MSME and manufacturing support, which led to "enhanced credit guarantees, technology support, and increased Mudra loan limits from Rs 10 lakh to Rs 20 lakh for MSMEs," Manjarekar also underlined the proposed budget allocation of Rs 2.66 lakh crore for rural development, including natural farming for 1 crore farmers over two years.

Shakir Kantawala, co-founder and managing partner of WingsWay Training Institute, said the government of India's consistent investments and focus on encouraging the education and skills development sector, with funds and financial support for loans is "much required for the huge workforce and young career seekers of the country."

Kamal Vachani, Group Director & Partner Al Maya Group and Regional Director, Electronics and Computer Software Export Promotion Council (ESC), said the budget's emphasis on bolstering domestic manufacturing, coupled with strategic tax incentives, creates a promising landscape for the industry's growth.

Vachani also welcomed the reduction in customs duties on mobile phones, chargers, gold, and silver, which, according to him, will stimulate consumer demand and provide a substantial boost to domestic manufacturers by lowering input costs.

Source : https://economictimes.indiatimes.com/nri/latest-updates/job-and-consumption-prospects-in-union-budget-enthuses-gulf-nris/articleshow/111959682.cms