What Modi 2.0 should do? India Inc shares its expectations

Last Updated: Thu, May 23, 2019 21:40 hrs
Modi_winning_elections_mask

India Inc's general mood is largely optimistic post the incumbent government's landslide victory.

Results and election numbers were yet to be announced but numbers as reported by the Election Commission were sufficient to suggest the next government.

With the Bharatiya Janata Party on course for a historic win, India Inc cheered and shared their expectations from NDA version 2.

Here are some of the observations from India Inc:

Adi Godrej, Chairman of Godrej Group believed that corrective steps were needed to improve India's Gross Domestic Product (GDP). He was quoted in a PTI story suggesting corporate taxes should be brought down to 25 percent.

"They have done it for smaller companies but they haven't done it for larger companies. I think that is a very important move and there will be many other moves that will help revive growth," he was quoted as saying.

Anand Mahindra, Chairman, Mahindra & Mahindra and India's most tweeted and well-informed corporate leaders shared his thoughts:

Uday Kotak, Managing Director of Kotak Mahindra Bank too shared a tweet.

Harsh Goenka, Chairman RPG Enterprises, tweeted expectations from Modi 2.0.

"The election results will reinvigorate the strong and constructive government-industry partnership and dialogue for growth built by the government in its previous term," said CII director general Chandrajit Banerjee.

Rajeev Talwar, the President for PHD chamber of Commerce and Industry added that the majority mandate added a responsibility on the government to transform the Indian economy from $2.6 trillion towards a growth rate of 8-10 percent in the coming five years.

"The government will now re-ignite its reforms agenda to push growth, teackle critical issues like creating more jobs, usher in more tax-friendly laws, strengthen India's position in global trade while protecting domestic industry from dumping and create more conducive environment to attract FDI in critical segments like mining and oil and gas," PTI quoted Vedanta resources chairman Anil agarwal as saying.

Kiran Mazumdar Shaw, Chairperson & MD, Biocon Ltd,

Shaw in an interaction with TV channel CNBC said that she expected a single slab GST structure to improve economy and focusing on rural economy to address agrarian stress.

Dr. Arvind Panagriya, Economist & Former VC, Niti Aayog:

Two days prior to the poll-counting, Dr Panagriya had shared his opinions on privatisation of PSUs. On the day of counting, he tweeted suggesting big reforms to come in the days to come.

Ritesh Agarwal, Founder & CEO Oyorooms,

Vani Kola Managing Director of Venture Capital firm Kalaari:

HDFC Chairman Deepak Parekh, speaking to CNBC TV18 also said, "The reform process will begin soon and we keep hearing that there is a 100-day programme already prepared by the prime minister. We do not know what it is, but I am sure job creation will be part of it. And there is nothing better than pushing affordable housing and road construction to create more jobs. I think these two measures are massive job creators. I am sure that the government will push these initiatives."