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Speaking during Prime Minister Narendra Modi's visit to the United Arab Emirates, M. A. Yusuff Ali, Managing director and Chairman, Lulu Group, said non-resident Indian (NRI) investments in India are now treated as domestic investment, calling it a major policy shift that has made it easier for overseas Indians to invest in the country.
The LuLu Group, Chairman said the change removed earlier restrictions faced by NRIs and encouraged greater investment across Indian states. "After our honourable Prime Minister took charge, first he changed the law because non-resident Indian investment is treated as domestic investment. That's a great initiative. We had a lot of problems before at the time of investment as a non-resident Indian. But our honourable Prime Minister and the government removed that restriction," he said. He said the company has already established shopping malls in several Indian cities and is expanding operations further. "Now our shopping malls are there in different parts of India, like Lucknow, Hyderabad, and now we are constructing India's biggest shopping mall in Ahmedabad. We are also finalising two more places and will declare them," he said. He added that the group currently employs around 18,000 people in India and plans to increase the number. "We have got 18,000 people working in India, and we will make it about 25,000 this year," he said. He also said trade ties between India and the UAE have strengthened, adding that after the CEPA agreement, more exporters and importers are using the UAE as a hub for trade to Africa, Europe and other Middle Eastern countries. (ANI)
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