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India Inc excited about Modi’s elevation

It is perhaps Corporate India’s finest hour that a pro-reforms, pro-progress and pro-business candidate has been elevated to the Prime Minister’s office.

Its an open secret that leading business houses from Gujarat including the Ambanis and the Adanis, besides various trade bodies had all pinned their hopes on a Modi victory. They expect the regime to reverse the policy paralysis at the Centre and kick-start production in the manufacturing sector besides checking inflation, fiscal deficit and substantially reducing capital account deficit.

Hopes are riding high in the corporate sector, on the budget that the Modi government is likely to present in July first week.

 “Modi’s government will simplify tax rules, bring transparency in government procedures and reduce corruption in interactions between citizens and government departments,” said Sanjeev Sanyal, Deutsche Bank AG’s global strategist.

Investors are convinced that Modi can be a ‘mover and shaker’ of the Indian economic scene. Stock market indices were up on the results day in anticipation of a Modi wave. The new regime’s supply side measures will take at least one and half years to come up with results. Foreign investors had moved in US $ 16 million in a six month period prior to the election to swell portfolio investments to US $ 240 million.

Modi is equally aware that he has to manage expectations of the corporate sector, needs of the poorer sections of society and the rising aspirations of the younger generation which forms the future of the country. He is not likely to disappoint, given his 12 year positive track record in Gujarat; now touted as the Gujarat model of development.  

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