Business leaders in the UAE gave mixed reaction to the interim budget on Friday as some welcomed it, saying it showcased the achievements of the Government while others criticised it as an “election budget” with no word on job creation and nothing for the NRIs to excite them to invest back home.
Sudesh Aggarwal, Chairman India Trade and Exhibition Centre M.E and Chairman Giant Group, said that the farmer income support scheme and increase in taxable income slab is to garner votes in the election year.
“The vision to increase GDP to $5 trillion in 5 years and to $10 trillion in 8 years is dream only as it will require an annual GDP growth of 15 per cent in first 5 years and then 25 per cent in next 3 years which is not possible,” he said.
He said there were also no word on jobs creation. “It is double sword budget, may be they win with dreams shown, otherwise leave a legacy for the incumbent Government to fight,” said Aggarwal.
Sripriyaa Kumaria, Director General of ITEC ME and Secretary General — Business Leaders Forum said the interim budget presented by Finance Minister Piyush Goyal highlighted the Government’s focus on healthcare and agriculture which is a welcome move.
“The full tax rebate on annual income of up to Rs 5 Lakh is definitely a huge relief for the middle class tax payer. The announcement that businesses with less than Rs five crore annual turnover, which comprises over 90 percent of GST payers, will be allowed to return quarterly returns is a welcome move for the existing SME’s,” she said.
According to Kumaria, the policies of this Government or any Government will only show results with effective administrative policies and good governance which ensures that the policies are implemented in the right spirit.
“The Government’s policy of minimum Government with maximum governance and to be proactive, responsible with friendly bureaucracy should not remain as just statement, but should be implemented to show visible results that can be felt by the common public people,” she said.