Page 309 - SOBHA REALTY PR REPORT - JULY 2024

Sunny Kulathakal, chairman of Global Organisation of People of Indian Origin (GOPIO):
A growth-oriented budget that has delivered short-term demand stimulus and actions
focused on medium to long-term growth imperatives while maintaining fiscal discipline.
The budget is inclusive, with a strong thrust on quality job creation and skilling. It also
strikes a balance between agriculture and manufacturing, with elements of services.

Navin Kapoor, owner & MD Xpertize United: Modinomics is evident in budgetary
allocations for green energy and technological innovation like AI, machine learning,
blockchain, and IOT. A Capex outlay of 3.4 per cent of GDP will spur infrastructure
development at a record pace. Commitment to become net zero by 2070 is evident from
outlays in e-vehicles ecosystem, hydrogen fuel, and green energy.

K V Shamsudheen, founder director of Barjeel Geojit Financial Services: The budget
seeks to promote green energy, agriculture, SMEs, startups, and women empowerment
and gives special attention to states like Andhra Pradesh, Bihar, Assam, and Sikkim.
The positive changes made in the personal tax regime are welcome.

Anurag Chaturvedi, CEO of Andersen UAE: This year's budget has focused on the
middle class and MSME's. The raising of tax slabs, increase in the standard deductions,
and simplification of capital gains tax are indicative of that policy. The abolition of the
angel tax and the reduction of tax rates for foreign companies to 35 per cent should also
incentivise growth.

Suresh Kumar, Chairman Emeritus, IBPC Dubai & Founder, Tricolour Values Group:
Nirmala Sitaraman, the Indian Finance Minister has unveiled a budget that progresses
the fiscal responsibility ‘glide path’ admirably; keeping the deficit down to 4.9%.

The numerous special schemes have a broad theme of focussing on the four “castes “
defined by the Prime Minister ie the poor, women, youth and the farmer. This focus is
eminently justifiable.

The speculative bubbles building up in the F&O as well as secondary stock markets are
sought to be deflated by a stepped up capital gains and transaction taxes. Coalition
compulsions have resulted in generous packages foe Andhra & Bihar.

Simplified tax and FDI regimes are on the anvil. All in all a comprehensive fiscal
endeavour to sustain growth and momentum.

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