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Budget is progressive: NRIs

Leading NRI businessmen hail the Union Budget 2008-09 even though there are "no incentives" for Indians living abroad.

india Updated: Feb 29, 2008 21:27 IST
H S Rao

Leading NRI businessmen and industrialists in Britain on Friday described the Union Budget as "very progressive" even though there were "no incentives" for Indians living abroad.

Reacting to Friday's budget proposals by Finance Minister P Chidambaram, SP Hinduja, Chairman of the multi-billion dollar Hinduja Group, said that although there has been "no incentives provided for the NRIs", he was happy that recommendations made by the IndusInd International Federation (IIF) have been accepted "in one form or the other".

The IIF, an organisation of overseas Indians and resident corporates and individuals, had made several recommendations to the government regarding investment in social and physical infrastructure, monitoring and implementation, rationalisation of indirect taxes, reduction in personal taxation, trading in carbon credits and activating the corporate bond market.

Hinduja said it was a "very progressive budget" showing concern for the common man and which is expected to bring in "all-inclusive growth".

The focus has been on social sector (health, education, women and child welfare, insurance for poor people, social security to organised sector) physical infrastructure and controlling inflation, he said.

"The crucial challenge will be monitoring and implementation of the schemes, where large sums of money are being pumped in. The central and state governments must work in close coordination to implement the schemes."