Time for Reforms: India Inc After Hailing Modi Win

With the NDA government returning to power with a thumping majority, India Inc took to Twitter for a victory lap. Several industrialists including Adi Godrej, Anand Mahindra, Sunil Mittal, Anil Agarwal, Harsh Goenka and Uday Kotak hailed the win for policy continuity, while it even embodied excitement and promise of India emerging as a superpower for some.

At $2.6 trillion, India may emerge as the world’s fifth largest economy eclipsing the UK, but the chasm is wide (China and the US are over $10 trillion economies) and the country needs to grow above 11 per cent against the current run-rate of 7 per cent. If the December quarter’s lower-than-expected 6.6 per cent GDP growth rate continues, India might find itself on a sticky wicket.

But corporate honchos aren’t losing hope. Calling it a time for transformation, Asia’s richest banker Uday Kotak said, “Time for deep reform. I dream of us as a global superpower in my lifetime,” while Anand Mahindra hailed Modi as the most powerful, democratically elected global leader. Thursday’s win also gives enough ammunition to investors and economists, who have been batting for structural reforms including land and labour laws.

Source: The New Indian Express

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