Industry wants NDA to focus on reforms, growth, jobs

Head honchos look forward to tax-friendly laws, reignition of reforms and more FDI in new regime

Congratulating Prime Minister Narendra Modi for his emphatic victory, India Inc. said it expected the new government to reignite the reforms agenda, push growth and create jobs.

“The unprecedented and sweeping mandate is an affirmation of people’s trust in Prime Minister Modi’s vision for a New India. I expect the government to further accelerate India’s journey to realising its full economic potential,” Kumar Mangalam Birla, Chairman, Aditya Birla Group, told The Hindu.

Tata Sons chairman N. Chandrasekaran believes that the resounding victory for the BJP-led alliance is the result of the nation’s trust in Prime Minister Modi and his leadership. “It is an endorsement of the reforms and huge changes underway that will bring growth, jobs and a better quality of life for all citizens. It also reflects wide support for the PM’s vision for a prosperous India,” he said.

‘Pro-growth vision’

“Nowhere near the nail biting finish we got in the IPL finale. It is a Modi India wave and a rousing victory that signals the start of a new era. This result is a shot in the arm for the Indian economy which will benefit not only from the stability at the Centre, but from a robust pro-growth vision. I am confident that Modi 2.0 will unleash a plethora of development oriented investments in infrastructure, health and agriculture which could elevate India to a position of pride among nations of the world,” Harsh Goenka, Chairman – RPG Enterprises, said. When asked about expectation from the new government, Mr. Goenka said, “Job creation for youth, develop credibility of institutions, drive agri reforms, usher in social harmony, develop tourism, smart cities, thrust on manufacturing and infrastructure and above all, ignore nay-sayers and drive inclusive growth!”

Anil Agarwal, chairman of Vedanta Resources feels that voters have endorsed Modi’s decisive leadership and his government’s multiple schemes to pull out millions from abject poverty and provide them essential services like electricity, cooking gas, bank accounts and free health services.

“The government will now re-ignite its reforms agenda to push growth, tackle critical issues like creating more jobs, usher in more tax friendly laws, strengthen India’s position in global trade while protecting domestic industry from dumping, and create more conducive environment to attract FDI in critical segments like mining and oil and gas,” said Mr. Agarwal.

Godrej Group chairman Adi Godrej feels that the victory of the NDA in the elections will be very good for the Indian economy. “I expect the government to take strong action for the revival of GDP growth as soon as it is sworn in. Revival of GDP growth will lead to solution of other problems such as low number of jobs, low agricultural growth, etc. Overall, I see India doing very well over the next five years,” he said.

This colossal verdict is also the vote for economic stability and hope for aspirations of young India, said G.P. Hinduja, co-chairman, Hinduja Group. “It also brings a responsibility on PM Modi’s shoulders to speed up the economic reforms to accelerate India’s economic trajectory. We need more FDI to come in, more investors and more industry to come into India. NDA 2.0 has to roll out the red carpet to further improve ease of doing business by enhancing Centre-State coordination through a GST-like council.”

Gautam Adani, chairman, Adani Group, said, “Our nation’s biggest strength is its democratic fundamentals and the prudence illustrated by the electorate augurs well for India. Moving into the next level of development requires focus on large scale infrastructure growth, re-skilling of the workforce and deeper penetration of technology.”

According to Dalmia Bharat Group MD Puneet Dalmia, it’s a victory for nationalism and Indian pride. “Now no one can stop India from becoming a military and economic superpower. The results are a clear indication that the country and its people are all for progress and stability. Three cheers to the Indian voters,” he said.

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