Indian businessmen in the Gulf region said the proposals made by Finance Minister P Chidambaram in the Union Budget 2013-14 is growth-oriented and balanced.
Welcoming the budget 2013, Kamal Vachani, Regional Director, Electronics and Computer Software Export Promotion Council (ESC), Group Director, Al Maya Group, said the Finance Minister has presented a growth-oriented and balanced budget.
"Hike in customs duty on set up boxes from 5 per cent to 10 per cent which will lead domestic manufacturing and mobile phone costing above Rs 2,000/- attracts 6 per cent duty which was zero per cent earlier this will benefit domestic manufacturers and encourage domestic production in India.
"Government of India has given subsidy on investment in manufacturing of ICs in India which will attract foreign investment," Vachani said.
Vachani also heads the Dubai Chapter of Global Organization of People of Indian Original (GOPIO) and is ex-convener & regional representative of the Federation of Indian Export Organisations (FIEO).
"Tax credit of Rs 2,000/- with an income of up to 5 lakhs per annum will give some relief to the salaried people and raising of limit for Gold import will give great relief to NRIs visiting India," Vachani said.
By contrast, Sudesh Aggarwal, Chairman of Indian Business and Professional Council (IBPC), Sharjah and India Trade Centre, said the growth momentum has not been kept.
"Looking at the review of the performance of 2012-13, the government has failed to contain the fiscal deficit, unemployment and inflation, the tall promises they made in the last budget," Aggarwal said.
He said that the vision statement and direction taken in the 2013-14 budget is correct but only time will tell whether the government is in a position to implement what they have planned.
"The policies and plans announced for the marginalised people are appreciable but there has been nothing on the DTC or NRI's that is worth mentioning," he said.
