Business experts in Dubai have responded positively to India’s 2024 budget, highlighting its potential impact on UAE-India economic relations.
CA Navin Sharma, Chairman of the Tax Society UAE, commended the budget, particularly noting the reduction in gold import duty from 15% to 6%. This change is expected to boost gold trade between Dubai, known as the City of Gold, and India. Sharma also praised the budget’s focus on job creation and its alignment with economic realities.
Sahitya Chaturvedi, Secretary General of the Indian Business and Professional Council Dubai, echoed these sentiments. He described the budget as “minimal” and “clean,” emphasizing its attention to key sectors such as agriculture, employment, and skills development. Chaturvedi also highlighted the budget’s relevance to Dubai’s primary industries, including tourism, gold, textiles, and electronics.
He expressed enthusiasm about the potential for increased economic cooperation, suggesting that it’s time for global businesses to consider expanding from Dubai into various regions of India. Both business veterans credited Finance Minister Nirmala Sitharaman and the Modi government for crafting a budget that they believe will strengthen India’s economic position and its ties with the UAE.
By Vinod Kumar (UAE)