India Inc hails Modi victory, looks for bold reforms

Say clear mandate will restore investor confidence, attract investments

Narendra Modi

Happy at the clear mandate given by voters to the BJP-led NDA, India Inc today exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.

"A clear mandate is positive for India. Ficci hopes that this mandate will help the leadership restore much needed investor confidence, attract higher investments and generate employment, especially in the manufacturing sector," Ficci President Sidharth Birla said.

Modi appears all set to be the next Prime Minister with BJP likely to get a majority on its own, as per the results trend since this morning. BJP-led NDA is expected to get over 300 seats in the 16th Lok Sabha elections.

Assocham President Rana Kapoor said: "A majority mandate gives hope of a stable government, paving the way for bold and decisive policy reforms. This can herald a sustainable 10% growth of the economy in the next 18-24 months".

The nation, Birla said, awaits an era of minimum government and maximum governance.

"Industry must be seen as a key factor in the nation's advancement by enabling efficient provision of goods and services and creation of jobs," he added.

Welspun Renewables Energy Vice-Chairman Vineet Mittal said: "This is a win for the people of India and demonstrates how young participation can transform the country.

"Stable government with clear majority will boost confidence of the industry, global community and foreign investors."

PHD Chamber of Commerce President Sharad Jaipuria said: "Manufacturing sector reforms should be at the top of the agenda of the new government to enhance its growth and productivity to generate millions of employment opportunities in the economy".

Dr Prathap C Reddy, Chairman, Apollo Hospitals Group said, "This success is the voice of half a billion people who exercised their franchise and made their choice in this historic Lok Sabha election. The people of India are looking for an accelerated pace of change and have huge expectations from their new leadership. Health should be declared a national priority as inclusive economic growth inherently demands a first-rate healthcare system, one that is affordable and accessible.

"The new government needs to drastically increase public spending on health, create a roadmap for universal health coverage, corporatize medical education and take decisive steps to remove the barriers of accessibility, cost and quality that continue to plague India’s healthcare system. Smart steps to progress need to also include a liberalized visa regime for medical tourists. An equally urgent need is to make the direct tax code and GST a reality, early on.  Apollo Hospitals looks forward to working closely with the central administration and will extend all possible support in building a more robust healthcare system in India"

N Srinivasan, Vice-Chairman and Managing Director, The India Cements said, “Definitely, the results are good for the country; It will give a stable Government at the Centre and it will certainly revive the economy.”

Gautam S Adani, Chairman, Adani Group, said: "The country needed the Government which is capable of taking politically pragmatic and economically prudent decisions and stand by them. Mr. Modi during his campaign has been emphasizing on government which will be decisive and will have focus on strong governance. This will positively impact policy formulation and its implementation and in turn improve transparency. It will speed up the project implementation as well as investments.  The country has will but what is needed is positive sentiments to revive investments.

"We feel that the absolute majority will provide comfort to all stake-holders.  The first sector which can take-off is infrastructure sector as majority of infrastructure projects are currently stuck due to delayed administrative decisions coupled with ambiguities in policy.  The take-off by Infrastructure sector will have salutary effect on other sectors and in turn on the economy."

GVK Reddy, Founder Chairman & Managing Director, GVKPIL, said, “The election results reaffirm the country’s faith in democracy. The people’s confidence and mandate for stability has ensured that there will be economical and political stability in times to come.

"We are confident that with a strong mandate, the new government will do well and will implement economic policies that benefit the country’s people and its industry. This will create an environment conducive for growth and ensure prosperity of the nation, thereby fulfilling its enormous potential.”

Sunil Bharti Mittal, Founder and Chairman, Bharti, said, "Empowered with such a decisive mandate, the new government is expected to undertake some bold reforms that will inject fresh momentum into the economy. The long-term India growth story is intact, and the need of the hour is to bring back business confidence and revive the investment cycle through swift and decisive policy making with focus on jobs-led inclusive growth."