Industry looks forward to a new era under Modi

The HIndu Narendra Modi takes the oath as the 15th Prime Minister of India at the forecourt of Rashtrapati Bhavan, in New Delhi on Monday.

Hopes the business scenario will see better times soon

Corporate India has come out to express confidence in the new government under Prime Minister Narendra Modi with the hope that the business scenario in India will see better times soon. Corporate India, led by the Ambanis, Mittals, Munjals, Adanis, Hindujas and Ruias, was in full strength at Mr. Modi’s swearing in ceremony in New Delhi.

Ajay Shriram, President, Confederation of Indian Industry (CII), said that the Prime Minister’s stress on growth and development had translated into an unequivocal mandate for change, and industry would look forward to a new era of reform and liberalisation of the Indian economy.

“CII anticipates a quick and proactive agenda of economic and governance policies,” he said.

As Mr. Modi chose to arrive at the venue in a Mahindra-made Scorpio sports utility vehicle (SUV) rather than an imported vehicle, Mahindra Group Chairman Anand Mahindra tweeted: “On behalf of the Mahindra Group, I express enormous pride that Modiji chose our Made-in-India-with-Pride chariot (Scorpio) to ride to Rashtrapati Bhavan.”

Associated Chambers of Commerce and Industry of India (Assocham) President Rana Kapoor said: “Assocham congratulates India’s governance and development-driven captain PM Narendra Modiji to lead the nation into an era of exceptional and high quality, sustainable 10 per cent growth.”

“Although Mr. Narendra Modi has actively spoken on manufacturing, we suggest his government put in place a manufacturing ecosystem immediately by ushering in policy reforms, regulatory frameworks and removing inverted duty structure to facilitate investments in the country,” said Amar Babu, President, Manufacturers Association for Information Technology.

“I expect the Goods and Services Tax (GST) and the Direct Taxes Code (DTC) in a modified form to be in place in a two-year time-frame. No doubt the next budget will be a momentous policy statement. We all eagerly await it,” Shailesh Haribhakti, Chairman of DH Consultants said.

Videocon Group Chairman V. N. Dhoot, who attended the oath taking ceremony, said “The Pakistan Prime Minister’s presence would improve relations between the two countries. I am hopeful that in 10 years India under Mr. Modi would turn into an economic superpower.”

Keywords: Confederation of Indian Industry, Assocham, Foreign investment inflows, Goods and Services Tax, FDI in India, FII in India, Modi government, Modi government monetary policy, Foreign investments in India