Indian expats in UAE term budget disappointing for Diaspora
The Indian federal budget, presented by Country's Finance Minister in the parliament, has nothing to woo a large number of non-resident Indians (NRIs) in general and UAE expats in particular.
Sudhir Shetty, Chief Operating Officer (global operations) of the UAE Exchange, however, added that India's fresh announcement to simplify Foreign Direct Investment norms is a welcome step and it is something NRIs have been demanding for a long time. He said that promise by the RBI to give fresh licenses to private operators is encouraging if it is implemented in true spirit.
Shetty added, "We have been operating in India for the past 11 years and have 240 branches countrywide. This is one thing in the budget we can look forward to."
Yusuffali M. A., Managing Director of the Emke Group and Director of the Abu Dhabi Chamber of Commerce and Industry hoped that government would soon come up with some NRI friendly schemes but he pulled government for not making any immediate announcement.
K. V. Shamsudheen, Chairman of the Pravasi Bandhu Welfare Trust pulled government for neglecting the NRI community and expressed, "We are now non-required Indians."
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