Indian budget evokes positive response from NRIs
- Last updated: February 2, 2026 | 12:21
Inayat-ur-Rahman, Business Editor
Narendra Modi’s government presented its annual budget to Parliament on Sunday, focusing on sustaining the country’s economic growth despite volatile financial markets and trade uncertainty.
In a speech introducing the budget, Finance Minister Nirmala Sitharaman said the governments plans to boost investments in infrastructure and domestic manufacturing while sticking to fiscal prudence.
The non-resident Indians (NRIs) shared their positive reactions with Gulf Today.
Dr. Thumbay Moideen, Founder President, Thumbay Group, said: The Union Budget 2026 sends a clear signal that India is serious about long-term nation building.
The continued focus on healthcare infrastructure, medical education, skill development, and technology-led growth will strengthen India’s position as a global healthcare and knowledge hub. What stands out is the intent to invest not just in growth, but in capacity, people, and innovation.”
Dr. Azad Moopen, Founder and Chairman, Aster DM Healthcare, said: Today’s budget lays out a thoughtful and forward-looking blueprint for India’s healthcare ecosystem — one that seamlessly integrates innovation, access, capacity expansion and global competitiveness.
The Biopharma Shakti initiative, with an outlay of 10,000 crore over five years and a clear focus on strengthening research, manufacturing and regulatory capabilities, will play a pivotal role in accelerating India’s journey towards globally benchmarked healthcare solutions. The exemption of basic customs duty on 17 critical cancer drugs is a timely and patient-centric measure that will significantly improve access to life-saving therapies.
The budget’s strong emphasis on healthcare infrastructure is equally encouraging. The proposed 50 percent capacity expansion of district hospitals, combined with targeted investments in tertiary care through the expansion of NIMHANS 2.0 in North India and the addition of three new AIIMS facilities, will meaningfully strengthen care delivery across both urban and underserved regions. These measures reinforce the government’s commitment to building a more resilient, inclusive and future-ready public health system.
“Importantly, the budget recognises healthcare as a powerful engine of employment. The announcement of 1,00,000 Allied Health Professionals (AHPs), alongside the training of 1.5 lakh caregivers, supported by structured skilling initiatives, AI-enabled training pathways and digital health programmes, marks a decisive step towards building a future-ready healthcare workforce. This integrated approach will help support an ageing population, specialised care needs, and emerging models of care delivery. Together with the continued push for medical hubs, medical value tourism, and a sharper focus on mental and digital health, these initiatives firmly position India as a globally trusted healthcare destination with sustainable long-term growth potential.”
Jai Prakash Agarwal, Chairman, ICAI Dubai Chapter, said: No major tax overhauls for NRI but glimpses of ease of doing business seen in this budget.
Investment limits doubled to 10% in listed firms, TCS reduced to 2% on foreign remittance for education and overseas spends, and TAN requirements scrapped for TDS on property sales by resident buyers are the indications that “ease of doing business” is the focus and voices of NRIs are being heard. Welcome steps and will help in boosting NRI investments in India.
Kamal Vachani, Deputy CEO, Group Director & Partner, Al Maya Group hailed the budget 2026 presented by Finance Minister, Ms Nirmala Sitharaman.
“India Semiconductor Mission 2.0: Semiconductors are critical for electronics, telecom, automotive tech, defence systems, and AI. Historically, India imported a large share of chips. ISM 2.0 aims to boost domestic production and reduce reliance on foreign supply chains, lowering strategic risk and import costs. The steps taken by the Finance Minister in this direction are welcome.”
“The Rs 10,000 crore SME Growth Fund announced in the Union Budget 2026 is designed to support small and medium enterprises (SMEs/MSMEs) and companies with high growth potential by providing them with much-needed capital and growth support, which will boost SMEs is also a welcoming steps taken by the Finance Minister.
“Finance Minister announcement to increase in the outlay for the Electronics Component Manufacturing Scheme (ECMS) to 40,000 crore will boost Domestic Manufacturing of Electronic Components and Encourage more companies to set up production units for components like PCBs, camera modules, display parts, batteries, etc, informed Kamal Vachani.
The FMCG industry welcomes the budget as progressive and growth-oriented. The focus on boosting consumption, strengthening rural and urban demand, and continued investment in infrastructure will provide a positive impetus to the sector. Measures supporting MSMEs, logistics efficiency, and ease of doing business are encouraging for FMCG manufacturers and distributors. The government’s emphasis on inclusive growth, income support, and economic stability is expected to enhance consumer confidence.
Zubin Karkaria, Founder and CEO of VFS Global, said: The Union Budget charts a strong roadmap to Vision 2047, positioning tourism, mobility, and human capital as engines of long-term growth. By recognising tourism as a catalyst for jobs, foreign exchange, and regional development, the government is building a more competitive and resilient travel ecosystem.
The emphasis on capacity building is encouraging with measures towards infrastructure development, skill enhancement, and institutional support that will help strengthen service quality, destination readiness, and ease of doing business. Initiatives like the National Institute of Hospitality, upskilling of tourist guides, and the National Destination Digital Knowledge Grid will have an enduring impact in the long-term.
Sustainable, heritage, and experiential tourism, along with support for medical tourism hubs, will diversify India’s offerings, while reductions in TCS on overseas tour packages and TDS under the Liberalised Remittance Scheme for education will ease financial pressure on Indian travellers and students, boosting global mobility and connectivity.”