Industry hails PM Modi’s second term

“The stellar and decisive leadership of Hon’ble Prime Minister has led to this magnificent mandate for development. Industry is tremendously excited about Modi 2.0,” said Vikram S Kirloskar, President, Confederation of Indian Industry (CII) in a statement.

“Over the last five years, the Prime Minister has brought in innovative mega missions that have changed the lives of hundreds of millions of citizens, driving a new template for development. With the mandate for another five years under his visionary and strong leadership, the transformation of India is on the fast track,” he added.

“This is a win for India, a win for India’s people, a win for India’s development,” he stressed.

The CII press release said that a focused and comprehensive agenda for addressing corruption has delivered outstanding results in the last five years. Game-changing reforms such as introduction of Goods and Services Tax (GST), Insolvency and Bankruptcy Code, lowering of tax rates for small enterprises, ease of doing business, and so on have created the right environment for industry to flourish.

In addition, notable policies for easing FDI, improving the intellectual property regime, creation of new investment vehicles and others have been instituted. Spectacular achievements such as Jan Dhan Yojana, distribution of gas cylinders, complete electrification of all villages, construction of 1.5 crore houses, quick progress in roads and highways, and many others clearly show the dedicated commitment of the Government to rapid development and the scale and efficiency of its work, according to CII.

President of Indian Chamber of Commerce, Rudra Chatterjee, in a statement said,"On behalf of Indian Chamber of Commerce, I congratulate the BJP under the leadership of Prime Minister Sri Narendra Modi for winning a clear mandate for continuation of government. Policies undertaken by the government has delivered fast economic growth, increased foreign investment and significantly eased the process of starting and doing business."

"With a big mandate comes big responsibility to meet the expectations of people across the nation from the new Government," Chatterjee stated.

"In our view, the immediate priority should be given to propelling the Indian economy including enhancing investment expenditure, creation of jobs through the private sector, addressing rural issues, and in keeping fiscal deficit under control," he said.

"We hope that the government will immediately start in implementing more reforms like increasing liquidity to the financial sector, reducing the GST slabs, undertaking land and labour reforms, continue major infrastructure projects, and encourage more private sector investment in the economy," he added.