Top NRI entrepreneurs hail budget as 'progressive, pragmatic'

Leading NRI entrepreneurs on Thursday hailed India's budget as "progressive, pragmatic and sensible" while suggesting that overseas Indians be treated on equal terms with resident Indians for investments.

The Hinduja brothers, who top Britain's rich list, said in a statement that Finance Minister Arun Jaitley's budget had set the direction for a "very positive long-term agenda".

The budget attempts to balance a broad stimulus and capability building agenda while meeting fiscal and deficit targets, the Hinduja Group Chairman SP Hinduja and Co- Chairman GP Hinduja said.

They said that overseas Indians had always been strongly supportive of India and deserve to be treated on equal terms with resident Indians for investments made into the country especially in defence and insurance sectors where the management control still rests with Indian resident entities or persons.

Lord Swraj Paul, Chairman of Caparo Group welcomed the budget as "pragmatic and sensible" and said it would send a positive signal to foreign investors.