Expect renewed vigour in economy under Modi 2.0: India Inc

The Prime Minister Narendra Modi-led government's new Cabinet will infuse renewed vigour in India's economy with landmark reforms on the back of a decisive mandate as the country aims to become a global economic power house, India Inc said Thursday.

Modi Thursday sworn in as the prime minister for a second term, heading the National Democratic Alliance government, in the presence of a large gathering of national and international dignitaries.

Several leading industrialists, including Reliance Industries CMD Mukesh Ambani, Vedanta Resources Limited Executive Chairman Anil Agarwal, Chairman Emeritus of Tata Sons Ratan Tata, Mahindra Group Chairman Anand Mahindra, Paytm Founder and CEO Vijay Shekhar Sharma, Welspun Group Chairman and Assocham President B K Goenka, attended the swearing-in ceremony.

"Prime Minister Narendra Modi has taken care to include experienced leaders with proven ability who have led new initiatives with great success in the past. The addition of new inclusions in the Council of Ministers will help to bring in fresh ideas under the guidance and leadership of the Prime Minister," CII President Vikram Kirloskar said.

Tweeting while on his way to attend the ceremony, Mahindra said, "Bumper to bumper as the sun sets on the way to the PM's swearing in ceremony. But of course it's the dawn of a new government & of new opportunities".

ITC Ltd CMD Sanjiv Puri said Modi's "visionary leadership, with a clarion call to address 'National Ambitions, Regional Aspirations' will accelerate all round socio-economic development with sectors like agriculture and food processing receiving larger impetus, leading to farmer empowerment and generation of large scale sustainable livelihoods".

"Empowered with a huge mandate", Goenka said, "it is expected that the government would be able to undertake some landmark reforms in several key areas like taxation, labour and land".

He further said, "Some of the path-breaking reforms such as GST, Insolvency and Bankruptcy Code are bound to get a further push that will help India Inc deal with issues in the banking and financial sector".

"The man on mission, our PM @narendramodi with his team!," Paytm founder Sharma tweeted.