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Repercussions of Jaitley’s budget on Indian diaspora in Oman

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Oman: The Indian expatriates in Oman hailed India’s annual budget of 2016-17 which was presented by the Finance Minister Arun Jaitley on Monday in New Delhi. Expats said that easing of customs declaration and an increase of free baggage allowance will be helpful for Indians living outside the country.

The latest budget also proposed to amend provisions dealing with the Tax Deducted at Source (TDS) of the Non-Resident Indians, which are currently subjected to a higher rate for NRIs without the permanent account number (PAN) card. The proposed amendment will ensure that higher rate of TDS is not imposed on furnishing alternate documents.

The budget also makes an ease on custom baggage rules for international passengers. “The filing of baggage declaration will be required only for those passengers, who carry dutiable goods,” Jaitley said in his budget speech.

“Expats had also hoped for a simplification of income tax processes and more relief on TDS. Besides, there is nothing on housing or an immediate relief in prices of basic commodities and personal taxes to create savings for the future for us,’’ said Sunil Kumar, an Indian expat living in Oman.

Yusuffali MA, Chairman of Lulu Group, the largest retail chain in the Middle East said that Jaitley is clearly highlighting the growth pillars of the economy by insuring rural, social, agriculture, skill, business and tax reforms. He also described it as a sensible budget which will make a positive impact on many sectors.

“I am happy that the government has stressed on the ‘Make in India’ campaign by providing tax and duty benefits and these will go a long way in strengthening the manufacturing capabilities and infrastructure facilities of India. The Finance Minister’s focus on agriculture was keenly awaited and will enhance expenditure on the rural and agriculture sectors, which in turn will enhance food security and boost exports. According to me, the ‘three years of tax holiday’ for start-ups is one of the most exciting announcements of this budget. The next generation of skilled entrepreneurs are our future and this will bring in the much-needed impetus. Another highlight would be the 100 per cent FDI (foreign direct investment) in food processing business. This will be news to many international players, who are looking to set up business in India and we all must welcome this.”

“Being a retailer, obviously, I am pleased to note that the minister mentioned retail as the largest service sector employer in the country and many more jobs opportunities can be created, provided the regulations are simplified. From a common NRI’s point of view, the easing of customs declaration and increasing of free baggage allowance are a welcome step,” Yusuffali added.

Reacting to the budget, K V Shamsudheen, the chairman of Pravasi Bandhu Welfare Trust, while speaking about the third budget, said that it focused on total infrastructure development including agriculture, health, social development, education, and daily life of the common people. Under the budget 2016-17, the government has targeted to double the income of farmers by 2022 (Fifteen per cent of India’s economy is based on the agriculture sector).

“This will change the face of India by making it an economic super power in the future. Indian diaspora’s remittances are among the world’s highest and NRIs contribute a big amount towards the foreign currency reserve of the country. “We have been proposing to the government to utilize NRIs’ financial resources, expertise, experience and business contacts for the development of the country,” he said.

He added: “We have two important initiatives ‘Make in India’ and the ‘National Skill Development Mission,’ which can be developed successfully with the participation of NRIs. Even though we are keen on this proposal,” he added.

According to the current price chart, a female passenger can hold only 32 grams of gold jewellery and a male passenger can take only 16 grams of gold jewellery with them, which is too little.

All the items carry from abroad are based on quantity but gold is based on value.

“So, we request allowance for gold jewellery to be raised to 50 grammes for male passengers and 100 grammes for female passengers and also request that gold allowance is based on weight as per the rule,” Shamsudheen said.

Lateef Shahdad, a Chartered Marketer said that it is the time to see the implementation of the budget, said it is a ‘rational one’ and expressing approval for the number of measures.

(With inputs from Times of Oman)

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Now India is One of The Most Open Countries for FDI: Narendra Modi

Modi had conceptualised the summit as Gujarat Chief Minister in 2003 to position the state as an ideal investment destination after the 2002 riots.

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Prime Minister Narendra Modi on Friday said that his government had made doing business in India easier, cheaper, faster and smarter with his term accounting for almost 45 per cent of the Foreign Direct Investment (FDI) that the country received in the last 18 years.

Speaking at the inaugural function of the Vibrant Gujarat Global Summit 2019 here, he said India was now one of the most open countries for FDI with over 90 per cent approvals put on the automatic route.

“In the last four years, we have received FDI worth $263 billion. This is 45 per cent of the FDI received in last 18 years,” Modi told the gathering.

He said India was among the top 10 FDI destinations.

FDI
PM Speaks on FDI www.news.civilserviceindia.com

Modi, who is on a three-day visit to his home state to throw open his pet biennial Vibrant Gujarat Global Summit, said the India of today was a land of “immense opportunities” being the only place that offered democracy, demography and demand.

“Fifty cities in India are ready to build metro rail systems. We have to build 50 million houses. The requirement of road, rail and waterways is enormous. We want world class technologies to achieve our goal in a faster and cleaner way. India is thus, a land of immense opportunities.” he said.

The Prime Minister said the challenge for India, as in most emerging economies, was to grow horizontally as well as vertically to ensure that the benefits of development spread to regions and communities that have lagged behind while also meeting enhanced expectations in terms of quality of life, quality of services and quality of infrastructure.

“We are well aware that our achievements, here in India, will directly impact one sixth of humanity.”

Modi said his government had removed the barriers which were preventing India from achieving its full potential and now it was ready for business like never before.

The government has made doing business easier. cheaper, faster and smarter, he said.

“In the last four years, we have jumped 65 places in the global ranking of World Bank’s Doing Business Report. From 142 in 2014 to 77 now, but we are still not satisfied. I have asked my team to work harder so that India is in the top 50 next year.

“We have also made doing business cheaper. The historic implementation of Goods and Services Tax and other measures of simplification and consolidation of taxes have reduced transaction costs and made processes efficient.

“We have also made doing business faster through digital processes, online transactions and single point inter-faces,” he said.

According to LocalCircles, each person who voted in the survey is registered with the portal with their detailed information and in many cases they shared their residential address.
Doing business in India now easier, cheaper, faster, smarter: Modi

He said his government had made doing business smarter by insisting on IT based transactions and digital payments including direct transfer of government benefits.

Modi added that he understood that being a young nation, India needs to create job opportunities and better infrastructure, which are both linked with investments.

“Therefore, in recent years, there has been unprecedented focus on manufacturing and infrastructure,” he said.

Listing the achievements of his government, he said for the first time, India had become a net exporter of electricity, had installed transmission lines at an unprecedented pace and had doubled the speed of road construction with rural road connectivity now at 90 per cent.

Also Read: PM Narendra Modi to Unveil National Film Museum in Mumbai

“At 7.3 per cent, the average GDP growth, over the entire term of our government, has been the highest of any Indian government since 1991. At the same time,the rate of inflation at 4.6 per cent is the lowest for any Indian government since 1991, when India began its process of liberalisation,” he said.

Modi had conceptualised the summit as Gujarat Chief Minister in 2003 to position the state as an ideal investment destination after the 2002 riots. (IANS)