In a detailed analysis session hosted by the Jain International Trade Organisation (JITO) Dubai, experts delved into the Indian Budget 2024 and its significant implications for Non-Resident Indians (NRIs), India-UAE relations, and international trade.
The event featured insights from CA Dixit Jain, Founder and CEO of Tox Experts DAACC, and market expert Amit Jeswani.
Jeswani emphasized the ongoing formalization and consolidation of the Indian economy, highlighting that India is at a pivotal point for growth over the next 15 years. He described the recent budget as instrumental in ushering India into its “Amrit Kaal,” or golden period.
“Every nation experiences a 10-15 year period of rapid growth in per capita income,” Jeswani explained. “India is poised for this surge, with new monopolies emerging across various sectors.”
He also discussed the potential for wealth creation in India, noting that the country currently has 200 billionaires compared to the global total of 3,200. Jeswani predicts this number will increase significantly in the coming decade, with half of the future billionaires emerging from India.
CA Dixit Jain focused on the budget’s implications for NRIs, particularly in terms of tax policies and investment opportunities. He noted several key points, including reduced import duties on mobile phones and related products, and a significant reduction in gold duties from 15% to 6%.
Jain also highlighted the allocation of more than Rs. 3 lakh crore to promote women-led development, benefiting women and girls. The government will launch a new scheme, Pradhan Mantri Janjatiya Unnat Gram Abhiyan, to improve the socio-economic conditions of tribal communities.
The budget’s focus on youth was another crucial aspect discussed. Jain mentioned a Rs. 2 lakh crore allocation for youth skill programs over the next five years and the introduction of a wage support scheme for new job entrants.
Along with the removal of the Angel Tax on startups, these youth skill plans are set to become a game changer for upskilling and employment generation, making India a global destination for talent.
Jain also touched upon the budget’s emphasis on the agricultural sector, mentioning a plan to support 1,00,00,000 farmers with a natural farming initiative.
The session highlighted the strengthening India-UAE economic ties. As India’s economic power grows, these analyses guide UAE investors and business leaders. The strategic partnership between the two nations is expected to expand, fostering new international trade opportunities.
This analysis of India’s 2024 Budget offered insights into the country’s economic direction and its impact on Indians and NRIs, underscoring the significance of India-UAE relations in the global economy.