India Inc hails Modi victory, looks for bold reforms
New Delhi: Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday 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 percent 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".
Engineering Export Promotion Council (EEPC) Chairman Anupam Shah said the "Modi government will be able to take some bold decision regarding labour reforms and create new employment".
Bharti Axa Life Insurance CEO Sandeep Ghosh said a strong government will help in pushing through long pending policy decisions around FDI, taxation and long-term investments.
Max Life Insurance CEO & MD Rajesh Sud pitched for tax incentives for insurance companies and suggested that the new government should look at the proposal to raise FDI cap in the sector from 26 percent to 49 percent.