India Inc bullish; hopes Modi will revive growth

New Delhi, May 26 (IANS) India Inc Monday expressed hope that the new government under Prime Minister Narendra Modi will take necessary action to build business confidence and revive economic growth.

"We look forward to an era of renewed trust and governance that will inspire enterprises and youth in meeting societal needs and aspirations," said Sidharth Birla, president of the Federation of Indian Chamber of Commerce and Industry (FICCI).

"Building business confidence, creating job-enabling environment, mitigating food inflation and improving nutrition and sanitation should be top priorities for the government. A collective resolution of these would help restore economic glory as much as bringing social stability and inclusiveness," said Birla.

"India needs national competitiveness and our progress on product markets needs to be matched by liberalisation of factor markets," he added.

Industry chambers congratulated Narendra Modi on taking oath as the 14th prime minister of India.

President of the Confederation of Indian Industry (CII) Ajay Shriram said: "We look forward to the new Prime Minister's sagacious and astute leadership of the nation at a challenging period. CII also welcomes and congratulates the new Cabinet of Ministers which has taken charge."

Shriram said taking over of Modi as prime minister is a pivotal moment in the nation's history that can shape the future of 1.2 billion people.

"Prime minister's stress on growth and development has translated into an unequivocal mandate for change, and Industry looks forward to a new era of reform and liberalization of the Indian economy," Shriram said.

"At the current juncture, it is vital to revive the pace of GDP growth, bring down inflation, and create new jobs on a large scale. CII anticipates a quick and proactive agenda of economic and governance policies, including fiscal consolidation, fast-tracking of stranded projects, and sectoral initiatives for infrastructure, manufacturing, agriculture and mining," he added.

Chella Srinivasan, national president, Indo-American Chamber of Commerce (IACC) said, "It is a defining day for India that a very stable government has assumed office, after a long lapse time. The track records of the prime minister and the council of ministers are impeccable as decisive and pragmatic doers."

Srinivasan expressed hope that under the new government the country will leap-frog into a higher orbit of growth creating more employment, income and inclusive growth.

"We pledge our whole hearted support not only in building a new India but also for consolidating the growing Indo-US business partnership, which can bind more closely the two largest democracies in the world," Srinivasan said.

Assocham president Rana Kapoor expressed hope that India's economic growth would accelerate to 10 percent under Modi government.