A poll conducted by Reuters among 70 leading economists of the country said that BJP victory will best for Indian economy. The economists were so pessimistic about the economic policies of Congress that they said even if the party comes with a full majority even then in would not be good for the economy. All the polled economists unanimously opined that Congress’ majority or the Congress-led UPA (United Progressive Alliance) or a coalition of regional parties (third front) would be terrible for the economy. “In order to push reforms ahead, a BJP win is necessary, as the opposition mainly has been focusing on attacking the NDA, rather than presenting an alternative policy agenda,” said Hugo Erken, senior economist at Rabobank.
The poll result among economists is in line with the result of the poll conducted among equity strategists and brokers who were of the view that the BJP will win the majority and that that would be good for stock market returns.
Previously, many industrialists and investors from India and across the globe had shown faith in Modi government. Ratan Tata, the ace industrialist and former chairman of the Tata Group had shown confidence in Prime Minister Modi, in an interview with columnist and author Suhel Seth. On being questioned about the Prime Minister, Tata said that Modi is capable of delivering the ‘New India’ that he has promised to the people of the country.
- R. Narayana Murthy, the pioneer of Indian IT industry reasoned for another term for Modi government. In an interview with ET Now, Murthy said, “We must be grateful that there is at least a national leader of Modi’scalibre who is interested in improving India. Looking at last 5 years, I feel that having a leader who is focussed on nation, focussed on discipline, cleanliness, and economic progress is a good thing. Continuity of govt would be a good thing.”
John Chambers, a former executive chairman and CEO of CISCO said that “India’s growth is at risk if Modi is not re-elected.” The corporate leaders at home and around the world have praised Modi government for economic and social reforms. The industry veterans like Ratan Tata, Anand Mahindra, and UdayKotak have showered praises for the Modi government. Many international business leaders like Former Cisco CEO, John Chambers even warned that it will be disastrous for India if PM Modi does not get the second term.
In the last four and a half years, PM Modi has taken many path-breaking steps to modernise the Indian economy. The steps include demonetization, GST and IBC. The Modi government has been able to take forward the economic development along with the development of the people at the grass-root level. Also, steps like the construction of toilets, UjjawalaYojna etc. have received praises by the corporate leaders and people across the political spectrum.
Under the Modi government India became fastest growing major economy in the world leaving behind the eastern neighbor- China. The macroeconomic indicators of the country are in very good shape and in upcoming years the country will reap the benefits of reforms carried out in last five years. The GDP growth of the country is expected to reach double digits in the next decade.