Post Bihar Result, India Inc Wants Modi to Focus on Reforms

Corporates suggest the Modi government take up reforms with a renewed vigour for economic development.

File photo of Prime Minister Narendra Modi. (Photo: PTI)

Pledging its support to big-ticket investments in Bihar following the Nitish Kumar-led Grand Alliance’s thumping victory, India Inc sought a renewed focus by the Modi government on economic reforms.

Biocon’s Chairman and MD Kiran Mazumdar Shaw said that the Modi government should now focus on its economic agenda and hoped the Opposition would also extend a helping hand.

Congratulating Chief Minister Nitish Kumar and his Grand Alliance on an impressive victory, industry chamber Assocham said the industry looks forward to “a new beginning” in the state, which needs a renewed vigour for economic development.

It further said that with elections now out of the way,

The industry expects the Centre and the state to work together to pursue certain economic reforms like the Goods and Services tax so that the Indian economy is able to achieve higher growth for the benefit of all citizens

In a statement, CII too committed to working with the new government in furthering the state’s development agenda.

“Our best wishes go to the incoming government, and I am sure the new government will dedicate itself to fulfilling the aspirations of the masses by leading Bihar to a new era of industrial development, economic growth and prosperity,” said CII President Sumit Mazumder.

British financial services major Barclays said Indian financial markets were cautious ahead of the election results, and a result against the BJP should lead to market weakness.

We feel that today’s results – the BJP’s big defeat – could be a material sentiment dampener in Monday’s early trade as this might be perceived as an additional stumbling block to the central government’s reform agenda.

<b>Barclays Statement</b>

On the results, the Confederation of All India Traders (CAIT) said,

“Absence of any mechanism to take down the line various landmark initiatives and policies including Mudra Bank Yojna, Skill India, Digital India and Make in India campaign of Prime Minister Narendra Modi could be one of the causes.”

CAIT added: “Undoubtedly, no connect with beneficiaries of all these innovative schemes played a major role in debacle of NDA in Bihar polls. If transformed in true letter and spirit, NDA could have come out with flying colours in polls.”