India’s 2024 Budget a ‘Game Changer’ for start-ups, says UAE-based MA Yusuffali
Yusuffali MA, Chairman of Lulu Group and Vice Chairman of Abu Dhabi Chamber, praised India’s 2024 budget as “futuristic and proactive,” highlighting its focus on entrepreneurship and inward investments. The prominent Middle east-based businessman commended several key aspects of the budget, including the simplification of Foreign Direct Investment rules and the promotion of Indian rupee usage for overseas investments. He described these moves as “very interesting.
Yusuffali emphasized the abolishment of the angel investment tax as a potential “game changer,” predicting it would enhance India’s reputation as a global start-up hub and usher in “a new era of all-round economic growth across key sectors.”
The budget’s initiatives for youth development also received praise. Yusuffali pointed out measures such as paid internships for one crore youth in top organizations, wage support for first-time employees, and skill development loans for students. He believes these steps will “spur youth empowerment and employment opportunities.”
Beyond economic and youth-focused policies, Yusuffali noted the budget’s attention to women’s empowerment and agricultural development. He mentioned allocations for enhancing the women workforce, promoting natural farming, creating vegetable production clusters, financing shrimp farming, and developing rural road infrastructure.
Summarizing his views, Yusuffali called it a “360-degree impactful budget” by Prime Minister Narendra Modi’s third-term government, indicating his approval of its comprehensive approach to economic and social development. This positive assessment from a leading figure in the UAE business community suggests potential strengthening of economic ties between India and the UAE, as well as increased investor confidence in India’s economic trajectory. MA Yusuffali is the recipient of the Pravasi Bharatiya Samman Award and the Padma Shri.
By Vinod Kumar (UAE)
