India Inc as well as foreign investors on Sunday expressed satisfaction with the record of the Narendra Modi government thus far in office, especially praising the move to promulgate a series of Ordinances to push reforms in coal, insurance, land acquisition and labour.
Godrej Industries chairman Adi Godrej told FE the industry is happy with the Modi government as it has brought in Ordinances to reform key sectors and the move is progressive. Asked if the government has met expectations of the industry in seven months in office, Godrej replied in the affirmative, “Yes, the government has met expectations of industry”.
Even a bigger thumbs up came from Ajay Banga, CEO Mastercard, and chairman of US-India Business Council, who said: “Ordinances are good as they demonstrate the determination of the government to push forward reforms”. He said US investors want to be in India in a big way. “The world is re-awakening to the promise of a resurgent India…Over the past one year, investors are hopeful of the government,” he said adding that they needed clarity on issues such as retrospective taxation, goods and services tax, land and labour laws and intellectual property rights.
AV Birla group chairman Kumarmangalam Birla, while praising Modi and what he’s done for Gujarat, said now that he’s at the Centre, “we can count on his vision, drive and determination”.
RIL chairman Mukesh Ambani proudly called Gujarat his home state and said his company would invest Rs 100,000 crore in it in 18 months. “Under PM Modi it would be Vibrant India after Vibrant Gujarat,” he added.