India Inc. congratulates AAP for landslide victory

Complimenting the Aam Admi Party (AAP) for its landslide win in the Delhi state elections, Indian industry Tuesday said it looks forward to collaborating with the Arvind Kejriwal-led government in the national capital's development.

However, the stocks markets which have been on a roller coaster ride since Monday, were trading in the red in the late afternoon session Tuesday.

The barometer index of the Bombay Stock Exchange (BSE) was down 54.55 points or 0.19 percent in the late afternoon trade session.

Volatility was witnessed in the trade so far, with the benchmark index rising to an inter-day high of 28,633.72 points and a low of 28,044.49 points.

The 30-scrip Sensitive Index (Sensex) of the S&P BSE, which opened at 28,122.48 points, was trading at 28,172.84 points (2.35 p.m.), down 54.55 points or 0.19 percent from the previous day's close at 28,227.39 points.

The Confederation of Indian Industry (CII) complimented AAP on its strong performance in Delhi state assembly elections.

"CII and the industry in Delhi is confident that the new government would be industry friendly and would strengthen Delhi's position both economically and socially," said Zubin Irani, chairman, CII Northern Region.

According to Irani, CII looks forward to work with the state leadership on a focussed agenda comprising of GST (goods and services tax), skill development, promotion of the services sector, upgradation of industrial areas, green energy, water conservation and women's safety.

Federation of Indian Chambers of Commerce and Industry (FICCI) congratulated AAP for its victory and hoped that the huge mandate will be used to create positive governance environment for growth of businesses in the state.

"We are encouraged by the statement that the AAP will endeavour to ensure that starting a business or trade in Delhi takes maximum time of one week and that it will also take steps to end inspector raj," said A. Didar Singh, secretary general, FICCI.

"It is also heartening to see focus of AAP's Action Plan on making Delhi a start-up hub and create amenities to realise this promise," added Singh.

PHD Chamber of Commerce and Industry described the massive mandate in favour of AAP as a vote for clean politics and governance in which there is no elbowroom for corruption and appeasement.

PHD Chamber's president Alok B. Shriram said that Kejriwal-led AAP government in Delhi should make all possible attempts to provision for education, women safety, water, electricity, sanitation and host of other such issues as well as efforts for the industrial development of Delhi.

The industry body said that the capital city needs altogether new infrastructure, adequate water and power for its economic upliftment coupled with a cluster approach so that all its industrial pockets are revived to serve the emerging requirements of stakeholders.

Privately, industry leaders remained apprehensive over the policies the AAP government will pursue.

They also advised the AAP leadership not to indulge in an excessive exercise in giving out doles as such measures could prove counterproductive and promote lethargy in the system.

Industrialist Harsh Pati Singhania too congratulated Kejriwal for leading AAP to a landslide victory in Delhi assembly elections.

"His unhindered zest to project the issues of common man as his election motto has reaped rich dividends," Harsh Pati Singhania, director, J.K. Organisation and vice chairman and managing director, JK Paper said.

Top banker Deepak Parekh described the victory of AAP in Delhi's assembly elections as a "vote for change".

"It is a change for which the people of Delhi voted," Parekh, chairman of Housing Development Finance Corporation told reporters in Mumbai on the sidelines of an event.

"I think what has impacted Delhi elections is that in the last seven-eight months nothing changed there when it was under the L-G (Lieutenant Governor) role. It may have upset the people," he said.

According to Parekh, only time will tell how AAP delivers on its promises of cheaper power and access to water.