“A magical budget to propel Indian economy”, says Yusuffali MA

Prominent NRI businessman and Chairman of Lulu Group Yusuffali MA called the Union Budget of India 2021, a magical budget. “A magical budget sure to propel Indian economy even amidst the global pandemic challenges. In sync with the vision of PM Modi, the finance minister has given huge thrust on healthcare along with infrastructure, education, research and development. Introduction of Aatmanirbhar health programme with an outlay of Rs. 64,180 cr. will go a long way in speeding up the economic recovery. Further spending on vaccinations is a great moral booster for both India and Indians,” he said.

He said that the budget took essential steps to encourage NRI investments. “As an NRI businessman I am very glad to note that there are some very specific steps being taken to tap the NRI investments. Announcement of “One Person Companies” or OPCs in India is going to be a game changer especially for the Start-up sectors and new-gen businesses. Increasing the tax threshold for NRIs from Rs. 5 cr. to Rs. 10 cr. and rules to eliminate double taxation are very welcome initiatives.”

“Kerala specific announcements such as the development of major fishing harbours including Kochi, huge allocation to further expand highway infrastructure and the Kochi Metro will surely boost state’s economy and make it more business-friendly,” he added.