Page 306 - SOBHA REALTY PR REPORT - JULY 2024

They expressed optimism the key proposals of the Modi 3.0 budget would be
transformative, taking the world’s most populous nation's villages, poor and farmers on
the path of prosperity while fostering inclusive growth and economic resilience. Indeed,
a budget for every Indian.

Following are excerpts from their comments:

Yusuffali MA, chairman of Lulu Group: A very futuristic and proactive budget with huge
emphasis on boosting entrepreneurship and inward investments. Simplification of
Foreign Direct Investment (FDI) rules & promoting the usage of Indian rupee for
investment overseas is a very interesting move. Abolishment of angel investment tax is
going to be a big game changer, further boosting India’s image as a global Start-up hub
and bringing in a new era of all round economic growth across all key sectors.

Dr. Azad Moopen, founder & chairman, Aster DM Healthcare: With 66 per cent of the
Indian population still under the age of 35 and an estimated 7-8 million youth entering
the job market annually, the budget provides a much-needed impetus to advancing
employment opportunities and youth upskilling, supported by focus on comprehensive
development for the country. Although healthcare did not seem to have a major focus
this time, it is promising to see the 12.5 per cent hike in budget allocation for the sector.
The government is taking bold strides, including the establishment of new medical
colleges, the promotion of vaccines for cervical cancer, expanded maternal and
childcare schemes.

PNC Menon, chairman of Sobha Realty: The budget gives a renewed focus on the real
estate and infrastructure sector, addressing key areas including housing for urban poor
and the redevelopment of cities. The proposed revision of stamp duties is expected to
make property registration more affordable, particularly benefiting women. The focus on
rental housing in industrial parks via the PPP model is a welcome move while the
digitization of land records in cities will greatly improve transparency and ease property
transactions.

A.P. Hinduja, chairman, Hinduja Group of Companies (India): The budget shows Modi
3.0 is all about continuing the path to fiscal consolidation with the fiscal deficit target of
4.9 per cent this year and 4.5 per cent the next while maintaining the Capex figure at
3.6 per cent. The focus on the agri sector and housing infrastructure - affordable and
urban - is substantive and augurs well. Quite a few changes in taxation have been
announced which needs a detailed study. Higher FDI is expected with a reduction in tax
on Foreign Companies from 40 to 35 per cent. Overall, a good budget for the macro
Indian Investment Climate but could have been better for Indian Investors.

https://www.khaleejtimes.com/business/balanced-budget-set-to-script-next-chapter-of-indias-
spectacular-growth-story