Yusuffali MA, Managing Director of LuLu Group, the largest retail chain in the Middle-East, giving his views on the Indian Budget, which was presented by Finance Minister Arun Jaitley in Parliament on Monday, 29 February, said this is "a prudent budget, sure to make a positive impact in many sectors.
The Finance Minister has clearly highlighted the growth pillars of the Indian economy in Agriculture, Rural, Social sector, Skills, Ease of Doing Business and Tax and Compliance reforms. I am happy that the government has given stress on ‘Make in India’ by providing tax and duty benefits and these will go a long way in strengthening the manufacturing capabilities and infrastructure facilities of India."
He added, "The Finance Minister’s focus on agriculture was keenly awaited and will enhance expenditure on the rural and agriculture sectors which in turn will enhance food security and boost exports. In my point of view, the ‘three years tax holiday’ for Start-ups is one of the most exciting announcements of this budget. The next-generation of skilled entrepreneurs are our future and this will bring in the much needed impetus. Another highlight would be the 100 percent FDI in food processing business. This will be news to many international players who are looking to set up business in India and we all must welcome this."
In conclusion, the MD of LuLu Group, which operates the largest retail hypermarket chain in the region, said, "Being a retailer, obviously, I am pleased to note that the FM has mentioned about retail as the largest service sector employer in country and [that] many more jobs opportunities can be created, provided the regulations are simplified.”
He added that from a common NRI’s point of view, the easing of customs declaration and increasing of free baggage allowance are a welcome step.