DUBAI: The federal Indian budget has disappointed non-resident Indians (NRIs) here by not offering them anything specific, a panel debate was told.
The participants at a debate on the budget were critical of the five per cent tax on short term corporate gains, saying it might impact stock investments from the NRIs.
While the NRIs lauded Finance Minister P Chidambaram for reducing excise duties and raising the personal income tax exemption limit, participants felt the populist budget aimed at general elections did not have any sops for them.
“The Finance Minister has totally forgotten the NRIs and possibly they have become ‘not-required Indians’,’’ said Sudesh Aggarwal, Chairman, Indian Business and Professional Council, Sharjah.
“As an NRI, I am hopeful that the government will consider the plight of millions of NRIs, especially lower-income workers, and come up with specific schemes for their welfare,’’ said Yousuf Ali, Managing Director of EMKE Group and Director, Abu Dhabi Chamber of Commerce and Industry. “The budget has more of political palliatives than economic incentives. As an election year budget one cannot expect otherwise,’’ said Ashique Husain, managing director of Tanzeem International company.
