PM Modi coming back with good majority in Lok Sabha: FM to India Inc

BJP leader and Finance Minister Nirmala Sitharaman on Friday exuded confidence that Prime Minister Narendra Modi is coming back to power with a good majority in the Lok Sabha.

If the BJP wins majority in the ongoing Lok Sabha elections, Modi will become the Prime Minister for the third term in a row.

Addressing Industry captains at the CII Annual Business Meeting here, she said, "We are confident that Prime Minister Narendra Modi is coming back with a good majority".

General elections are going on in the country. Out of seven phases, four phases have been concluded. The counting of votes is scheduled for June 4.

"Soon after the government is formed, we look forward to a more pointed engagement with the CII to see what best can be done in the July budget, which will be the full year's budget...a lot of consultation can begin with the CII team as well," she said.

Emphasising that India's story is a compelling growth story, Sitharaman said the country presents immense growth opportunities, which extend to all segments of the economy.

The country has the potential to contribute significantly to the global growth, which has been recognised by global agencies, such as the IMF and S&P.
 

The large Indian consumer market, expected to double by 2031, on account of a rise in consumption spending would ensure that the country will continue to remain the fastest-growing economy in the future, she added.

Elaborating further on the subject, she said that according to the RBI and Economic Survey, India has graduated from the twin balance sheet problem of the past to the twin balance sheet advantage, which has led to vibrancy in the market, thereby, propelling investment expansion by corporates on one hand and willingness and capacity of banks to lend on the other.

Secondly, she said the demographic dividend would be with the country for the next 30 years.

When complemented with skill development through public-private partnerships, inclusive of areas like artificial intelligence, big data etc, this is a sure-shot measure to bring prosperity and raise consumer demand.

Third, India's transition towards green energy and a sustainable future will generate new markets and demand, she noted.

The solar push by the government and an impetus towards green hydrogen and green ammonia would also provide significant job opportunities to the youth, she added.