Industry hails UPA victory

JAIPUR: There is reason for rejoice as industry experts are unanimous in their opinion that a stable and growth-oriented government at the Centre promises a lot of development and stability in the country. Hailing the thumping victory by Congress-led UPA, industry chamber Ficci said that it was a step in the right direction to put India on a growth trajectory.
"After two decades, we have Congress-led government at the Centre as well as in the state.Congress as has been seen in the past is almost synonymous with progress but this time around the government can be more aggressive sans the detractors. With Dr Manmohan Singh's image that commands respect spearheading the government, we can now expect that the Congress-led government in Rajasthan also will be able to bring about a lot of industrial development to the state," said B K Subbaiah, COO, Mahindra World City.
Considering that the 8.5% average economic growth during the UPA regime took India to the being the second fastest expanding economy after China that was far more that the 6% GDP during the NDA tenure of 1998-2004 brings more hope in the recession-hit economy. Keeping that in mind industry experts anticipate that now many long-standing policies that may have been delayed due to the Left opposition may get a fresh lease of life with FDI in insurance and retail gaining momentum.
"Dr Manmohan Singh is a renowned economist and his successive term spells a lot of good for the country. The government will not just be able to handle quicker recovery to the recession-hit economy but also lead the country towards positive growth," feels D S Kandoi, CMD, K G Petrochem.
According to Malti Mathur, resident director of PHDCCI, "We look forward to some major reforms. There could be aggressive ones in the banking and insurance sector, some good foreign investments and a faster pace of labour reforms." Besides the Chamber also expects Congress with absolute majority to rationalize taxation and reduce income tax to enhance purchasing power and demand.
The Confederation of Indian Industry CII has also welcomed the massive mandate received by Congress-led UPA. Kishore Khaitan, Chairman, CII, Rajasthan, while expressing happiness stressed that good governance and security should be given prime importance by the new Government.
"The stimulus packages announced by the UPA government should be properly implemented. The sectors which need high priority are infrastructure, education, power, water, cheaper healthcare facility to the rural and urban. Besides simplification and rationalisation of tax regime, administrative and fiscal reforms, there should be plugging leakages of social programmes through PPP to support the intended beneficiary," said Khaitan.
Similarly Dr Anant Sharma, chief convenor, Akhil Rajasthan Upbhokta Sngathan Mahasangh, hailing the victory said, "The consumer protection law was made first initiated during the Rajiv Gandhi regime. In recent assembly elections, Congress has included the Consumer Organisation demands in their manifesto as a reflection of their commitment towards protection of consumer issues."