Lok Sabha election results 2019: Stable govt to boost economic growth, foreign fund flow, says corporate India

India Inc on Thursday expressed hope that a stable government at the centre will boost growth in the country and lead to higher foreign fund inflows as trends pointed to BJP and allies returning to power with a thumping majority

Press Trust of India May 23, 2019 13:30:20 IST
Lok Sabha election results 2019: Stable govt to boost economic growth, foreign fund flow, says corporate India
  • Veteran industrialist and Godrej Group Chairman Adi Godrej said the new government is expected to take steps to ensure that India's gross domestic product (GDP) growth improves

  • BSE Member Ramesh Damani said he expects more foreign fund inflow into India going ahead

  • Surendra Hiranandani, Founder and Director at House of Hiranandani, said he believes a stable government at the centre will further boost the growth in the real estate sector

New Delhi: Industry leaders Adi Godrej, Anil Agarwal and Uday Kotak on Thursday said it was time for a transformation of India to achieve its ambition to become a global superpower under the leadership of Prime Minister Narendra Modi as trends showed BJP-led NDA returning to power with a thumping majority.

Also joining the chorus, Mahindra Group Chairman Anand Mahindra underlined the role played by women and young, new voters, "Increasingly, they will shape India's future".

Vedanta Resources Chairman Anil Agarwal tweeted, "Heartening trends pouring in. Democracy wins. Kudos to the people of India who have voted for development."

Congratulating Modi, Agarwal further said, "As he takes another step toward next progressive innings, ...his vision will help India take a leap in its journey of growth".

Lok Sabha election results 2019 Stable govt to boost economic growth foreign fund flow says corporate India

File image of veteran industrialist Adi Godrej, Reuters

Expressing similar sentiments, noted banker Uday Kotak said in a tweet, "Time for transformation of India. Time for deep reform. I dream of us as a global superpower in my lifetime. Heartiest congratulations to @narendramodi, the BJP, and the NDA."

Veteran industrialist and Godrej Group Chairman Adi Godrej said the new government is expected to take steps to ensure that India's gross domestic product (GDP) growth improves.

He explained that one such step should be for corporate tax. "Our corporate tax rates are some of the highest in the world, they need to be brought down. The government here, in fact, had promised that corporate tax would be brought down to 25 per cent.

"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 said.

Offering a different perspective to the election narrative, Mahindra tweeted, "As I watch the counting, I get the unmistakeable feeling that a turning point in history is unfolding before my eyes. 2 new power blocs are overthrowing the establishment. Not talking about political parties but Women & Young, new voters. Increasingly, they will shape India's future".

Former Vice Chairman NITI Aayog Arvind Panagariya also said it is time for bold reforms and wholly transform the country.

"The government should create a healthy ecosystem for business and entrepreneurs should take responsibility to create high-productivity jobs," he tweeted.

Riding on a massive Modi wave sweeping through most parts of India, the BJP and its allies look set to return to power for the second time in succession leading in over 340 seats while the Congress-led UPA was way behind with leads in around 90 constituencies in out of the 542 seats that went to polls.

BSE Member Ramesh Damani said he expects more foreign fund inflow into India going ahead as there will be policy continuity and India still has a very large good scale of domestically investible universal companies and the deal flows are more likely to happen now.

Surendra Hiranandani, Founder and Director at House of Hiranandani, said he believes a stable government at the centre will further boost the growth in the real estate sector.

"We hope that the new government demonstrates concrete action to push investments, increase growth and generate employment," he added.

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