The Financial Express spoke to several industrialists to gauge the mood of the nation.

The expectations are high. And industry is already jotting down an agenda. Aditya Birla Group chairman Kumar Mangalam Birla said, ``We are looking forward to second generation reforms including liberalisation of the insurance, banking and infrastructure sectors, and divestment in PSUs. The election scene is not fundamentally different from last year's, but we look forward to political stability and a responsive opposition which will contribute positively to political and economic reforms.''

Moody's decision has come as a morale booster. According to Godrej Soaps managing director Adi Godrej, ``The upgradation of India's rating at this stage will add considerably to the rising confidence both international and domestic, in India's economic future.''

Infrastructure Development Finance Corporation deputy managing director Nasser Munjee feels that the immediate impact of the improved outlook will be better pricing of funds raised abroad. ``The improved international perception of our economy will certainly help access funds abroad,'' says Munjee.

Pradip Shah of Indocean feels Moody's upgrade was overdue. The downgrade effected last year was an overreaction, he feels. ``The current rating accurately reflects the underlying fundamentals of the economy,'' says Shah.

The onus of justifying that confidence will now be on the new government. Wockhardt chairman and managing director Habil F Khorakiwala says: ``The BJP's victory is on expected lines and as per the exit polls. Reforms will have to get top priority as we have long faced a high degree of instability.''

For some, political stability has come as a relief. As Sterlite Industries director finance Tarun Jain, says, ``It is a positive sign that finally a stable government is coming to power. The government's immediate prioity should be to complete the unfinished agenda. The pending tasks like the passage of insurance bill, company law amendments will have to be expedited.''

With things quickly falling in place, any fears of BJP's numerous allies threatening this stability are being pushed away. Says Shah of Indocean: ``The probability of the coalition partners jockeying for power is unlikely, especially since the election was fought on a common platform.'' Concurs Munjee, ``Considering what has happened in the last few years, any attempt to destabilise the government will not be too popular. So allies are unlikely to go down that road again.''

Hindustan Construction chairman and managing director Ajit Gulabchand feels that ``the last government learnt a few lessons. So they know that a stable government is in the allies interest as well.'' In fact, stability is a foregone conclusion for some. Says S Kumars Synfabs managing director Nitin Kasliwal, ``The BJP has already proved that it could provide good governance during its 13 months' regime. With BJP-led coalition heading for a clear majority, stable government will become a reality. This is happy news for the corporates.''

Thomas Cook CEO and managing director Ashwini Kakkar shows much the same confidence in the reform continuing, ``The BJP can now complete the unfinished agenda from its previous term, such as the insurance bill.''

The industry is ready with its wish list. VIP Industries chairman Dilip Piramal is quick to get down to specifics, ``The Government should take steps to improve the legal system in our country and implement employment oriented labour laws. Interest rates should be brought down to global levels.'' Says Asian Paints vice-chairman & managing director Ashwin Dani, ``India lags behind on the issue of protecting the intellectual property rights. With the new millenium focussing on knowledge based industry, IPR must be formally recognised and implemented in all vigour.''

Philips India managing director K Ramachandran feels that the focus should be on fiscal prudence instead of petty political issues. The economic agenda must focus on investments in infrastructure and telecom sectors and the reforms on primary education and health care.

After a series of dissapointments, Indian business is seeing the pieces falling into place. If there is anything that could go wrong, they don't want to acknowledge it right now. The confidence in stability for the next few years seems strong enough to deter attempts to prove them wrong.