NRIs hail budget, lifting of tax on NRE deposits

The NRIs in the Gulf said the Indian Budget was progressive and aimed at all round development in the country.

The NRIs in the Gulf on Monday said the Budget was progressive and aimed at all round development in the country.

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"The Finance Minister Chidambaram had the interests of the common man in mind in this year's budget as it has not burdened the people with more tax. The Government's move to raise more funds for infrastructure will certainly create more jobs for the people," Kiran Sanghani, Secretary General of the Indian Business and Professional Council, said.

"It is heartening that the Government has withdrawn the move to tax NRE deposits. Though the country was flush with foreign exchange and did not need NRE help unlike earlier days, the budget did take into consideration the interests of the NRIs," Ram Buxani, a prominent businessman, said.

"It is a joyous moment for the NRIs as the budget has removed the income tax on income from NRE deposits. This has been a demand of the NRIs ever since the previous budget sought to bring it under the tax bracket," Bharat Bhai Shah, former president of the Gujarati association, said.

Kamal Vachani, Regional Director of Software Export Council, a Central government body, said the budget was easy on IT-related items and welcomed the focus on infrastructure, which he said, would lead to all round development.

KV Shamsudheen, an investment consultant, said the budget had pleased almost all sections. "We have not seen such a progressive budget in recent years and it is likely to drive the stock markets up as it has generated positive sentiments."