Industry leaders await next phase of reforms under Modi 2.0

Major industry bodies have hailed the election verdict and said the transformation of India is on a fast track with several innovative mega missions under the leadership of Prime Minister Narendra Modi.

"The decisive election results will propel India's growth pace to the next orbit and drive the transformation of the country," said Vikram Kirloskar, President of the Confederation of Indian Industry (CII).

"The stellar and decisive leadership of Prime Minister has led to this magnificent mandate for development. The industry is tremendously excited about Modi 2.0," he said.

"Over the last five years, the Prime Minister has brought in innovative mega missions that have changed the lives of hundreds of millions of citizens, driving a new template for development. With the mandate for another five years under his visionary and strong leadership, the transformation of India is on the fast track," said Kirloskar.

He added that transparency and rule of law while weeding out corruption has been the government's main pillar in the last five years, delivering phenomenal results for the industry.

The Federation of Indian Chambers of Commerce and Industry (FICCI) said the continuity and stability at the Centre will not only allow the government to continue with the pace of reforms set by Goods and Services Tax, Insolvency and Bankruptcy Code and Real Estate Regulation and Development Act, but also brightens the chances of extending the reform mode to other critical areas like land and labour laws.

"There is an urgent need to bring investments on track and boost consumption to better GDP growth from the current around 7 per cent level, which will help in generating more jobs and taking care of the rural distress," said FICCI President Sandip Somany.

"The next government will have to quickly plan for a robust reform agenda that would not only enhance consumer spending but will also create conditions for higher private sector investments and exports," he added.

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said an aspirational India has reposed great faith in Modi's leadership.

"Having laid the building blocks of several flagship programmes like Start-Up India, Smart Cities and Make in India, we are assured of the government's decisive traction to these schemes," said ASSOCHAM President B K Goenka.

"A strong and stable government will bring in more foreign investment even as the domestic firms are witnessing renewed confidence. We are in for a virtuous cycle where consumption and investment drive each other," he said.