By TCN News,
Mumbai: Muslims should now cease depending on government grants. They will have to become self-dependent. Minorities and Muslims have been ignored in the Union Budget 2011. These views were expressed by economists here in Mumbai on 5th March at a program called to discuss Union Budget 2011-12 and its implications on Muslims.
At the program organized by Pragmatic Wealth Management Pvt Ltd, Dr M Y Khan, former senior director of Reserve Bank of India, said there is no good news in the budget for alleviation of educational and economic backwardness of Muslims. The budget has just Rs 2500 crore for minorities – none knows how much of it will go to Muslims and how much of the fund will reach those really deserved it.
In the present situation, Muslim investors and industrialists who have a feeling of social and milli obligation should come forward. Dr Khan, who is chairman of Pragmatic Wealth Management Pvt Ltd, said Muslims do not want roti and kapda from the government. The government should set up quality institutions which could give higher and professional education to Muslim youth, which could help them improve their lot financially.
On the economic opportunities for Muslims, he said capital market is the better option — here one can invest in mutual fund and gold fund. He described the budget disappointing.
At the occasion, Imtiaz Merchant, Managing Director of the Sharia investment and consultancy company, informed the audience about the activities of the company particularly Islami Tijara magazine and the website www.islamitijara.com through which consultancy is provided for Shariah-compliant investment.