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Yusuffali praises Modi’s 2015 budget

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Sanjiv Mehta, Chairman of The East India Company and Yusuff Ali, Managing Director, LuLu Group sign an historic investment partnership to allow the expansion of the centuries old trading company's global brand in London today, Wednesday 8th October. The formal document was sealed in wax with the East India Company's crest.

“Instead of offering soaps, the budget shows maturity of a growing nation which aims to become the next global super power,” Yusuffali, the winner of Prvasi Bharatiya Puraskar, told Anasudhin Azeez

Sanjiv Mehta, Chairman of The East India Company and Yusuff Ali, Managing Director, LuLu Group sign an historic investment partnership to allow the expansion of the centuries old trading company's global brand in London today, Wednesday 8th October. The formal document was sealed in wax with the East India Company's crest.
Sanjiv Mehta, Chairman of The East India Company and Yusuff Ali, Managing Director, LuLu Group sign an historic investment partnership to allow the expansion of the centuries old trading company’s global brand in London today, Wednesday 8th October. The formal document was sealed in wax with the East India Company’s crest.

Prominent NRI businessman MA Yusuffali, the richest Indian in the Gulf, praised 2015 budget presented by Finance Minister Arun Jailtley and said the budget will be a game changer for the role of India in the global economy.

“The future of the world economy is relying on the strength of Indian economy and Prime Minister Narendra Modi’s 2015 budget agenda is well balanced and far sighted,” Padmasree Yusuffali told Asian Lite newspaper in London. “Advantage of India is its young population and I am sure they will grab the opportunities unveiled in the budget for start-ups, especially in the IT sector, to join Prime Minister Modi’s acclaimed Make in India programme.”

“Instead of offering soaps, the budget shows maturity of a growing nation which aims to become the next global super power,” Yusuffali, the winner of Prvasi Bharatiya Puraskar, added.

Yusuffali, the richest Asian in the Forbes Middle East list, said the introduction of tax-free bonds for infra-structure projects and revival of public–private partnership (PPP) model for infrastructure development will the boost the confidence of investors.

“I am sure the policy change on infrastructure developments will attract many NRI investors to India,” said Yusuffali, the Managing Director of Abu Dhabi-headquartered EMKE LuLu Group of companies. “Jaitley’s plan to introduce single window clearance for mega projects will attract new investors to India.

The Lulu group is planning for Rs 3,000-crore urban infrastructure investment in three Kerala cities — Thiruvananthapuram, Kochi and Kozhikode — within three years.

The veteran NRI businessman also welcomed the decision to grant Visa on Arrival (VoA) facility to 150 countries. Two Kerala airports  – Kochi and Thiruvananthapuram – besides Bengaluru, Chennai, Delhi, Goa, Hyderabad, Kolkata and Mumbai are in the list.

“India, especially my home state Kerala, has the potential to foreign tourists,” Yusuffali, who has invested about Rs 700 crores in the hospitality sector in India, told Asian Lite. “There is huge potential for India in global tourism sector. At present India marks just 0.6 percent of international tourist arrivals compared to 7.8 percent in France and 6.4 percent in the US.”

According to the recent Forbes Listing, Yusuff Ali is currently the 39th wealthiest Indian and the 974th richest in the world, with a personal wealth of $2.9 billion. With an annual turnover of US$ 4.5 billion globally, the Group employs the largest number of Indians outside India. According to the recent Forbes Listing, Yusuff Ali is currently the 39th wealthiest Indian and the 974th richest in the world, with a personal wealth of $2.9 billion.

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