Union Budget: Concerns of NRIs not addressed, says Shamsudheen

Chairman of UAE-based Pravasi Bandhu Welfare Trust says NRIs had been requesting the Centre to launch an investment scheme to safeguard their future

Updated - February 01, 2023 07:27 pm IST

Published - February 01, 2023 07:02 pm IST - KOZHIKODE

 Pravasi Bandhu Welfare Trust chairman K. V. Shamsudheen

 Pravasi Bandhu Welfare Trust chairman K. V. Shamsudheen | Photo Credit: special arrangement

Chairman of the United Arab Emirates-based Pravasi Bandhu Welfare Trust K.V. Shamsudheen has expressed disappointment with the Union Budget for 203-24 since it “failed to address the concerns of the non-resident Indians (NRIs).”

He said the 40 million strong Indian diaspora remitted $100 billion in 2022 to the country. “Nearly 75% of the contribution came from 60% of the lower and middle-income segment of the Indian diaspora living in the Middle East and North Africa. They are remitting the maximum possible amount to their families. But most of them return home empty-handed, “he said.

Mutual funds

Mr. Shamsudheen said the NRIs had been requesting the Centre to launch an investment scheme to safeguard their future. “At least a systematic investment plan in mutual funds could be launched by the government so that NRIs could lead a happy life, “ he said. Overall, he said the Budget gave emphasis to the weaker segment of the population. The focus was on empowering women, an action plan for tourism, an initiative for Viswakarmas (artisan), and green growth, Mr. Shamsudheen added.

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