Yusuffali MA, Lulu Group Chairman and Abu Dhabi Chamber Director Board Member
Prominent businessman, Chairman of Lulu Group and Abu Dhabi Chamber Director Board Member Yusuffali MA has welcomed proposals in the Indian budget saying they will bring in more foreign direct investment (FDI).
"This budget coming in after the demonetisation drive, looks like a game changing one. Initiatives such as BharatNet to connect rural headquarters and 100 percent electrification of villages by 2018, is sure to give a big boost in making India a cashless and digital economy," Yusuffali said.
He added: "As a retailer, I welcome the tax incentives given for digital transactions and POS equipment industries and limiting the cash transaction to Rs300,000, which will not only help the vision of becoming Cashless but also make India a more transparent economy."
He lauded the announcement of five exclusive tourism economic zones saying the move will have all round impact on many related industries especially for a state like Kerala.
"Obviously, the huge enhancements in the allocations for agriculture, women's welfare, infrastructural and rural development is sure to boost our economy towards becoming a most favoured destination for FDIs."
From an investor's point of view, Finance Minister’s assurance of further liberalising the FDI norms is very welcome news, he said.
Setting up of skill enhancing centres to train job seekers going abroad will definitely make our youth get better positions and make them more competitive in keeping with global standards.
