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NRI Investment Now Treated as Domestic in India, Says Lulu Group MD

M. A. Yusuff Ali, Chairman of Lulu Group, praised PM Modi's government for treating NRI investment as domestic investment, calling it a major policy shift. He noted that earlier restrictions faced by NRIs have been removed, encouraging greater investment in India. The group currently employs 18,000 people in India and plans to increase that to 25,000 this year. Lulu Group is also constructing India's biggest shopping mall in Ahmedabad and expanding operations in other cities.

Key Points: NRI Investment Now Domestic in India: Lulu Group MD

  • NRI investment now treated as domestic in India
  • Policy shift removed earlier restrictions
  • Lulu Group employing 18,000, plans to increase to 25,000
  • Building India's biggest mall in Ahmedabad, expanding in other cities
2 min read

NRI investment treated as domestic investment in India under PM Modi govt, says Lulu Group's MD Yusuf Ali

Lulu Group's MD Yusuf Ali says PM Modi's policy shift treats NRI investment as domestic, boosting Indian investments and plans to hire 25,000.

"After our honourable Prime Minister took charge, first he changed the law because non-resident Indian investment is treated as domestic investment. - M. A. Yusuff Ali"

New Delhi, May 15

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 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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Reader Comments

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Priya S
Good policy but let's not forget that domestic investment rules also need simplification for small businesses. NRIs and local entrepreneurs should both benefit equally. Still, happy to see LuLu expanding in Ahmedabad—hope it brings good jobs for locals. 😊
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Michael C
As a westerner working with Indian firms, I see the logic. Treating NRI money as domestic investment lowers barriers and encourages capital flow. 18,000 jobs already is impressive. Hope other states also get such malls and economic boost.
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Sneha F
Good move for NRIs, but we also need to focus on domestic retail. Why should only big foreign-linked groups get these benefits? Tata and Reliance also create employment. Hope policy is balanced. Still, 25,000 jobs target is commendable. ✨
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Vikram M
This is exactly the kind of reform we needed. Earlier, NRIs had to jump through hoops like they were foreigners. Now they can invest like any Indian. LuLu's expansion shows confidence in India's economy. Modi's UAE visit proving fruitful.
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Emma D
Interesting to see this policy from an international perspective. Many countries treat diaspora investments differently. India's move to treat NRIs as domestic is smart—it taps into emotional and financial ties. CEPA agreement with UAE is also a game-changer for trade.
R

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