India Inc hopes for more reforms under Modi 3.0

Congratulating the new government, corporate honchos also wanted the Modi government to prioritise allocation of resources, even as they expect the country to prosper.

Written by FE Bureau

June 9, 2024 23:30 IST

Trinamool Congress (TMC) MP Mahua Moitra said the BJP fell short of a majority in the election because the people of the country have realised that it is against the Constitution. (Image: File/Reuters)

India Inc is pinning its hopes on a ‘Viksit Bharat’ and continuity of reforms as Narendra Modi took oath as the Prime Minister of the country for the third time in a row. Congratulating the new government, corporate honchos also wanted the Modi government to prioritise allocation of resources, even as they expect the country to prosper.

“Congratulations to Narendra Modi ji for becoming the Prime Minister for the third time. Hope the new term will prove to be important for the development and prosperity of India,” Mahindra Group chairman Anand Mahindra said on X.

Federation of Indian Chambers of Commerce & Industry (Ficci) president Anish Shah said: “The third consecutive term for the NDA paves way for continuity in the reforms agenda. We look forward to progressive policies and measures that will foster economic and social development and build a strong foundation for Viksit Bharat.” “As India looks towards becoming the third-largest economy, a stable government at the Centre will further strengthen the economic landscape and help us achieve this feat within next few years,” he added.

“With your taking oath as the Prime Minister for the third term, India Inc is feeling confident that leadership of the country will be steered to greater heights, maintaining the fastest pace of growth amongst the major economies of the world,” Assocham secretary-general Deepak Sood said.

Sanjeev Krishan, chairperson, PwC in India, said: “The incoming government shoulders the task of shaping the economic and social destiny of the world’s most populous and young democracy. While the government will continue to strengthen the foundation of our nation, it should also consider prioritising allocation of resources and efforts.”

The allocation of resources and efforts should be to enhance skill-driven employment and entrepreneurship initiatives, R&D to bolster India’s innovation landscape and for public-private partnerships, he added.

Shashi Kiran Shetty, founder and chairman at Allcargo Group, said: “The government’s third term denotes there will be policy continuity in infrastructure development and critical reforms. We expect the new government to continue with the capex momentum and keeping the ease of doing business goals and fiscal consolidation in focus”.

“…we need to create large global logistics companies that can further the economic growth agenda,” he added.

This article was first uploaded on June nine, twenty twenty-four, at thirty minutes past eleven in the night.