London, Feb 1 (PTI) Two leading NRI business chiefs in the UK welcomed the Union Budget tabled by finance minister Nirmala Sitharaman as a promising and “pathbreaking” initiative.
Hinduja Group Co-Chairman Gopichand P Hinduja said the proposed capital expenditure of Rs 5.54 lakh crores, 34.5 per cent higher than the current year, augurs well for the infrastructure, manufacturing industry and job creation and also welcomed the hike in the foreign direct investment (FDI) cap for the insurance sector.
“The finance minister, Mrs Nirmala Sitharaman, must be congratulated for presenting a pathbreaking, inclusive Budget in these unprecedented times,” said Hinduja.
“The government’s decision to increase FDI in the insurance sector, monetisation of government assets will boost global investors sentiments and should greatly contribute to the advancement of India in the Ease of Doing Business Index,” he said.
The Hinduja Group, which has diversified business interests in India, also welcomed the move to set up a Development Finance Institution as “very encouraging” and measures directed at NRI investors as having greater potential.
“The extension of tax holiday for start-ups and increased allocation for research and development will encourage innovation. Tax relief provided to non-resident investors is a welcome move but a lot more could have been done for encouraging investments through NRIs,” he added.
London-based Caparo Group founder Lord Swraj Paul, whose company has business interests in India, took to Twitter to congratulate the finance minister Sitharaman and Prime Minister Narendra Modi on the Budget statement.
“It should lead India to the strength of what it should be. @NarendraModi you are the vision of India which can be achieved. The country has great scope,” he said. PTI AK NSA AKJ NSA