Kerala’s industry leaders hailed the budget for abolishing angel tax for startups, slashing import duty on gold and for initiatives to boost MSMEs and entrepreneurship, but said it should have also focussed on immediate concerns, retail/small business, and tourism and hospitality sector.Well known businessman and Chairman of Lulu Group Yusuffali MA appreciated the budget’s emphasis on boosting entrepreneurship and inward investments.
In a statement, he said said that along with economic and youth development, the budget has given enhanced emphasis to women and farmers.
Adeeb Ahamed, a UAE-based billionaire businessman of Indian origin from Kerala and the managing director of LuLu Financial Holdings, commended the focus on promoting entrepreneurship, skilling and MSMEs, reduction in corporate tax for foreign companies and abolishment of angel tax for startups, but said that “there could have been more incentives for the tourism and hospitality industry”.