New Delhi- The Indian diaspora has welcomed the launch of India’s Union Budget 2024. The budget has been focused on boosting the country’s economy and promoting innovation.

The diaspora has been particularly positive about the reduction in the gold import duty from 15% to 6%. This move is expected to benefit non-resident Indians (NRIs) who bring gold into India. The reduced duty is likely to encourage a shift in buying patterns from Dubai to other gold-exporting countries, which may also have a positive impact on prices.

“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,” said a news release from the Tax Society UAE.

Business experts in Dubai have also responded positively to the budget. CA Navin Sharma, Chairman of the Tax Society UAE, 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, called the budget “futuristic and proactive,” highlighting its focus on entrepreneurship and inward investments. He praised several key aspects of the budget, including the simplification of the Foreign Direct Investment rules and the promotion of the Indian rupee usage for overseas investments.

Overall, India’s Budget 2024 has been well received by the Indian diaspora. The budget has highlighted the country’s commitment to economic growth and innovation, which is in line with the global trend of investment and growth. The reduction in the gold import duty is also expected to boost economic activity in the country and create more job opportunities for non-resident Indians.