Industry bodies expect big reforms andgood growth under Modi 3.0 government 


Nirmala Sitharaman will continue as Union Finance Minister in the PM Modi-led NDA government (ANI)

On Monday, Dalal Street began trading with record highs, primarily driven by banking stocks and Reliance Industries

Our Bureau

The stock indices closed with a marginal dip after both indices touched an all-time high during Monday’s session. The Sensex touched a record high of 77,079 and the Nifty 50 reached 23,411 points. The Nifty 50 concluded with a decline of 0.13 percent at 23,259 and the Sensex declined 0.27 per cent at 76,490.

On Monday, Dalal Street began trading with record highs, primarily driven by banking stocks and Reliance Industries. The Sensex touched a record high of 77,079.

Indian stock markets saluted PM Modi’s third term as both indices Nifty and Sensex touched all-time highs and registered record gains during the opening session. The BSE Sensex crossed the 77,000 mark for the first time following the rally as PM Modi took charge in office. According to the market experts, a smooth transition in the government formation seemed to have boosted market sentiments.

As Narendra Modi took charge as Prime Minister for the third consecutive term today, the Indian business community’s expectations are coming into sharp focus.

Industry leaders have extended their congratulations to Prime Minister Narendra Modi who assumed office for a third consecutive time and expressed confidence in the government’s ability to continue economic reforms and sustain the country’s growth momentum. The experts emphasized that the Indian economy is on the path to becoming the world’s third-largest.

“Building upon a strong growth rate of 8.2 per cent for 2023-24, the new Government under his visionary leadership can usher in the next phase of reforms to make the most of the global opportunities and build on the robust fundamentals of the Indian economy,” said Sanjiv Puri, President of the Confederation of Indian Industry (CII).

Industry leaders are eager to collaborate with the new government to unlock India’s demographic dividend through improvements in education, healthcare, and skill development.

“CII is certain that under his visionary leadership we shall see the unfolding of a golden chapter in India’s development journey. As India continues to think and act ‘big’ under Modi Ji, continuity in the reform agenda will carry India forward on the path to becoming a developed nation,” said Chandrajit Banerjee, Director General, CII.

They are optimistic that the third term of the Modi government will ensure the continuation of progressive reforms and a strong foundation to achieve the goal of Viksit Bharat by 2047 will be laid down.

“The third consecutive term for the NDA paves way for continuity in the reform agenda. We look forward to progressive policies and measures that will foster economic and social development and build a strong foundation for ‘Viksit Bharat’,” said Anish Shah, President of the industry body Federation of Indian Chambers of Commerce and Industry (FICCI).

Shah outlined a vision for the country, urging the government to capitalize on its strengths and address critical areas to elevate India’s global standing.

“The first area is creating the best manufacturing hub in India. This involves lowering manufacturing costs, continuing ease of doing business reforms, and positioning India as a high-quality destination for products. Research and development will be crucial in achieving this,” he stated.

Shah emphasized the importance of transforming India into a premier manufacturing destination by reducing costs and enhancing the ease of doing business.

He stressed that continuous reform is necessary to attract global manufacturers.

“The second area is women-led development. We need more women in manufacturing and the labour workforce, with a strong focus on equality,” Shah continued.

Shah said, “Thirdly, we need to enhance farmland prosperity by improving farm productivity and creating efficient value chains. Lastly, we must develop sustainable urban communities, playing a key role in a green economy and aiding climate transition.”

“As India looks towards becoming the third largest economy, a stable government at the Centre will further strengthen the economic landscape and help us achieve this feat within the next few years,” Shah said.

Industry body Assocham said that they are confident that under PM Modi leadership, “India would go from strength to strength gaining further stature in the global ranking, powered by inclusive and sustainable economic growth for the next several years”.

Deepak Sood, Secretary General of Associated Chambers of Commerce and Industry of India (ASSOCHAM), conveyed in his congratulatory message, “With your taking oath as the Prime Minister for the third term India Inc. is feeling confident that with under leadership the country will be steered to greater heights, maintaining the fastest pace of growth amongst the major economies of the world.”

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