Page 307 - SOBHA REALTY PR REPORT - JULY 2024

Paras Shahdadpuri, chairman, Nikai Group: The budget has pronounced nine priorities
and has laid long-term strategy demonstrating a forward-thinking and inclusive
approach to driving India’s growth. The focus on employment and skilling is particularly
commendable, with initiatives set to empower a significant number of youths through
substantial financial outlays. The attention given to MSMEs and the manufacturing
sector is a significant step towards bolstering India's industrial backbone. The credit
guarantee schemes, technology support packages, will provide the much-needed
impetus for MSMEs to thrive.

Adeeb Ahamed, managing director of Lulu Financial Holdings: The budget is a thought-
provoking one that balances the needs of today while establishing the priorities of
tomorrow. At the same time, one could always view it as a budget that could have done
more to address immediate concerns. The focus on promoting entrepreneurship, skilling
and MSMEs is commendable. The initiatives to ensure credit access to MSMEs during
their stress period and increase the limit in MUDRA loans are welcome steps.

Faizal Kottikollon, chairman, UAE-India Business Council, UAE Chapter, and of KEF
Holdings: The budget will give new scale for education and skills and a new route to
progress for small traders, and MSMEs, while helping to create millions of jobs through
employment-linked scheme. It is also expected to boost opportunities for the innovation
ecosystem and startups. Exemption on cancer medicines from basic customs duty and
cuts on the import of medicines and equipment seeks to foster inclusive growth in the
healthcare sector and bridge the rural-urban divide.

Siddharth Balachandran, chairman of Indian Business & Professional Council Dubai,
and Buimerc Corporation: A very good budget considering the fiscal deficit target
reduction. I am enthused by the tax slab changes as well. This will put more money into
the hands of the common man, which will automatically enhance the stimulation of the
economy by increased spending by a large quantum of the population. The capital gains
tax for both listed and unlisted has been made 12.5 per cent, which is a good
development. Overall a good balance between spurring the economy and populist
measures.

KV Thomas, chairman, Thomsun Group: The increase in long-term capital gains tax
could have been avoided as it is not expected to significantly impact market sentiment.
This policy shift is likely to weigh on investor sentiment in the short term, leading to
higher market volatility than seen in the recent past. The focus on job creation and
boosting consumption is poised to benefit key sectors such as consumer goods, real
estate, and automobiles.

James Mathew, CEO & managing partner, UHY James: The budget is not big on policy
changes yet it encapsulates key areas within the Indian economy that require care and
concern. Reduced corporate tax on foreign companies to 35 per cent from 40 per cent
is expected to benefit foreign-owned foreign-controlled companies (FOCC) and drive
parity between domestic and foreign company tax rates. While the budget does not set

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