The Indian diaspora has warmly embraced Budget 2024, commending its emphasis on economic growth and innovation. The government’s dedication to infrastructure development and digital initiatives has garnered widespread approval, with many viewing these as vital for boosting India’s global competitiveness.
A standout feature for the diaspora is the significant reduction in gold import duty from 15% to 6%, applicable to both gold and silver. This move is seen as particularly beneficial for Non-Resident Indians (NRIs) bringing gold into India and is expected to invigorate the jewelry industry.
Dubai, a major source of gold imports to India due to price differentials, may see shifts in buying patterns. The reduced import duty could prompt price-sensitive Indian consumers to reevaluate their preferred gold shopping destinations, potentially altering established market dynamics.
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.
Yusuffali MA, Chairman of Lulu Group and Vice Chairman of Abu Dhabi Chamber, praised India’s 2024 budget as “futuristic and proactive,” highlighting its focus on entrepreneurship and inward investments. The prominent Middle east-based businessman commended several key aspects of the budget, including the simplification of Foreign Direct Investment rules and the promotion of Indian rupee usage for overseas investments. He described these moves as “very interesting.
By, Vinod Kumar, Dubai