Even though Prime Minister-designate Narendra Modi is yet to take over the charge, his decisive victory at the recently-concluded elections has set the hopes of the industry soaring. The captains of the industry say they look forward to a phase of economic revival and boosting of business confidence through some really hard policy decisions.
What gives further boost to their expectations is Modi’s convincing win, coupled with a thumping majority to the BJP, which will rule out the chances of taking influenced decisions, as is the case if a government is dependent on allies for its survival.
Interestingly, almost all the business people spoken to by the financial daily felt that the infrastructure sector is set to get a boost in the coming days. However, they also underlined the need for an “urgent capacity addition in infrastructure”. This can set in motion a virtuous cycle, which will stimulate domestic demand and increase productive capacity of the economy, thereby helping the economy creep back to a high-growth trajectory in a few years’ time, they felt.
India Inc wants the Modi government to implement second-generation of economic reforms like GST and DTC, expedite stalled infrastructure projects and resolve iron ore and coal mining issues, in addition to providing good governance, development, bold policies, job creation and inclusive growth.
Hinduja Group Chairman Srichand P Hinduja described Modi’s massive mandate as a vote for stability that will put India on the path of high growth, according to a report in The Economic Times. “The election results will lend to political stability, high economic growth and will help revive the investment climate,” Hinduja is quoted as having said.
Suzlon Group Chairman Tulsi Tanti believes the BJP-led government will provide an environment conducive for growth and investments, with major reforms in infrastructure and energy sector. “This is important as India’s economic environment will act as a catalyst in reviving the global economy.”
Similarly, T V Narendran, MD, India and South East Asia, Tata Steel looks forward to clarity on policy and a commitment to strong action that will help the steel and mining industry to play its part with the government in enabling India’s all-round growth.
According to the newspaper, Schneider Electric India’s Country President and Managing Director Anil Chaudhry wants the new government to bolster infrastructure development in India, act as an engine of growth, create thousands of new jobs and push up GDP growth, which will finally lead to lower poverty levels and “bring alive our collective dream of inclusive growth.”
With the new hope for sustained growth, Spice Global plans to invest about $2 billion in its key business ventures Smart Health City and Smart City, according to its Chairman Bhupendra Kumar Modi.
Stressing on need to sort out infrastructure clearances, Bajaj Finserv MD & CEO Sanjiv Bajaj said, “All our governments know the right thing to be done but what they need is the strength of conviction to execute and that is what I hope the new government will have.”
As for the insurance sector, Max Life Insurance CEO & MD Rajesh Sud wants the new government to implement the long-pending insurance amendment bill and an additional tax incentive of Rs 1.5 lakh to life insurance and Rs 1 lakh for retirement plans, reports The Economic Times.