Industry seeks strong steps from new government for growth

New Delhi, May 16 (IANS) Industry chambers Friday said they expected the new government that will assume charge next week to take strong steps for fast and sustainable growth.

The chambers were upbeat as the Lok Sabha poll results showed Narendra Modi-led Bharatiya Janata Party (BJP) set for a landslide victory in the general election.

Modi is known as a pro-business and an industry-friendly leader.

"A clear mandate is positive for India. It is amply clear that the country, especially the youth, wants development and good governance," Sidharth Birla, Federation of Indian Chambers of Commerce & Industry (Ficci) president said.

"Ficci hopes that this mandate will help the leadership restore much needed investor confidence, attract higher investments and generate employment, especially in the manufacturing sector," he added.

"Modi will take strong steps and implement its developmental policies across India and make India's growth-strong, fast and sustainable. His credibility for turning around Gujarat's economy and making it an attractive investment destination for Industrialists both domestic and overseas are known to all," Sharad Jaipuria, President, PHD Chamber of Commerce & Industry, said.

The upbeat trend was reflected on the stock markets as well, in which sensitive index (Sensex) of Bombay Stock Exchange crossed 25,000-point mark and the Nifty of National Stock Exchange crossed 7,400-point mark.

"The nation awaits an era of minimum government and maximum governance. Industry must be seen as a key factor in the nation's advancement by enabling efficient provision of goods and services and creation of jobs," Birla said.

Manufacturing sector reforms should be at the top of the agenda of the new government to enhance its growth and productivity to generate millions of employment opportunities in the economy. State of the art infrastructure, hassle-free environment clearances, reforms in the labour laws, special attention to the MSMEs sector would be critical to increase the manufacturing share in gross domestic product (GDP) to 25 percent from the current level of 16 percent, Jaipuria said.