Abu Dhabi: NRI Business Tycoons B R Shetty & Y Sudhir Shetty Comment on Union Budget

Media Release

Abu Dhabi, 10 Jul 2014: B R Shetty, founder and CEO of NMC Healthcare, comments on the union budget – 2014:

 

 
‘The Union Budget of 2014-15 is a forward-looking one, which affirms the vision of the government to bring about all-round development in the country, with emphasis on manufacturing, job creation, and skill development. The emphasis given to FDI, banking sector development, healthcare, infrastructure, and rural development promises to take India much ahead as a nation. Manufacturing is a sector, which has a long way to go, and the emphasis given would help the industry to bring out quality products and take on a global marketplace with confidence. This, together with the support given to the tourism sector through better visa norms, would ensure stronger GDP growth.
  
New banking licenses being considered would help the government and RBI’s vision of bringing every household within reach of banking services, and to impart financial literacy to all. In simple ways, banking sector helps rural population bridge the good times and bad times through micro-finance choices and saving opportunities, and as one of the banking license aspirants, we trust there is a whole lot that banks can contribute in this area.  The initiative of the government to empower women, marginal farmers, and laborers through ‘Financial Inclusion Mission’ would be far-reaching. 
 
The establishment of AIIMS in each state affirms the vision of the government to bring high quality and affordable healthcare to all. As an entrepreneur and businessman, I have always believed that India needs to consider providing a better environment for foreign investment to flow into the country, and I am hugely in favor of the government’s plan to relax FDI norms, and to foster an investor-friendly rational tax regime, which would increase investor confidence in the system. All in all, it appears to be a very ambitious budget, grounded on the realities that India faces today as a nation. I am sure it would help every Indian kindle renewed hopes in the greater potential of a country like India.’

 

UAE Exchange Global Operations COO Y Sudhir Kumar Shetty comments on Union Budget – 2014:

 
 
‘I have always believed that Union Budgets have to be fundamentally inclusive, to be effective and far-reaching, for a country like India. It is not jut a promise, but an endeavor to kick-start a new forward march as one nation. This year’s budget promises to be one such, seeded with elements to build and empower a nation based on the real challenges it faces, and various ground realities. The forward-looking approach of the new government reflects in the budget, with emphasis to improve the quality of life of the rural population of the country through improvement of the banking and healthcare sectors, betterment of the infrastructure facilities, and support for the manufacturing sector. 
 
Establishing branches of reputed institutions like AIIMS and IITs would not only improve the healthcare and education sectors, but help India build its capabilities as a centre for research and development excellence before the world. The agenda that the government has set to take financial literacy to all, through schemes like Financial Inclusion Mission promises much. A lot of spadework needs to be done in this area, with greater involvement from banks, and with more qualified players joining the movement. In line with this, the objective to focus on issuance of new banking licenses deserves applause. With easing of the FDI regime, India would be able to attract global investors, which would be a real booster for capital inflows.
 
The mission set by the government to bring electricity to every Indian household by 2019, is a harbinger of good times ahead for a nation marching forward without worries of an urban-rural divide. Like every Indian, I am pinning my hopes on this budget to contribute in building a newly empowered India.’