Top Indian businessmen’s enthusiastic response to PM Modi’s victory

Corporate India reacted very positively to the results of the 2019 general elections. As per trends so far, BJP has crossed the majority mark of 272 and expected to win around 300 seats. The total tally of NDA is around 350 with Shiv Sena, JD(U), and LJP being other major performers. Congress has been reduced to around 50 seats and the party will not get the Leader of Opposition post this time too. The total tally of UPA is around 85 with an exceptional performance by Tamil Nadu based DMK. SP-BSP-RLD Mahagathbandhan is leading on 19 seats of Uttar Pradesh while the tally of others is 89 with YSRCP in Andhra Pradesh, AITC in West Bengal, and BJP is Odisha constituting a significant chunk.

Uday Kotak, CEO of Kotak Mahindra Bank responded to PM Modi’s win and asked for deep economic reform and wished he could see India to become a global superpower in his lifetime, “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,” tweeted Kotak.

Anand Mahindra, chairman of Mahindra Group said that PM Modi is now the most powerful democratically elected leader in the world. “Size of the country (Land mass+population) X Size of the Economy X Size of the election mandate = Leader’s Power Quotient. By the measure of this crude formula, @narendramodi is about to become the most powerful, democratically elected leader in the world today…” tweeted Mahindra.

NASSCOM, the IT lobby organization wished for cooperation to achieve India’s digital dream. “We look forward to continue working with the government towards fulfilling the vision and priorities for the Indian #IT sector and to support India in achieving its #TrillionDollar dream. #ThinkDigitalThinkIndia #Verdict2019,” tweeted NASSCOM.

Tata Sons Chairman N Chandrasekaran also commented on the huge victory and called it “an endorsement of the reforms.” He said, “It is an endorsement of the reforms and huge changes underway that will bring growth, jobs and a better quality of life for all citizens. It also reflects wide support for the PM’s vision for a prosperous India.

Kiran Mazumdar-Shaw, Chairperson and Managing Director, Biocon, said that ‘ease of doing business’ was a key factor in restoring the confidence of the investors. She said, “While it is true that  India  has  moved  up  to  77th position in the World  Bank’s  ‘Ease  of  Doing Business’ ranking for 2018, NDA 2.0 ought to measure ease of doing business by benchmarking current practices with those of the Top 10 countries preferred by international businesses.” 

Hemant Kanoria, Chairman, Srei Infrastructure Finance, also said that a full mandate to the BJP by the people of India will help in continuing the policies and development agenda.

The positive reactions were seen in the film industry too and Ekta Kapoor, film producer and director of Balaji Telefilms tweeted, “INDIA has given its verdict ! Congrats to INDIA’s BIGGEST UNITER ( in votes n in belief)and LEADER @narendramodi ! Ppl love you !! Wat a win ! Welcome back.”

Harshil Mathur, CEO and Co-Founder, Razorpay said “his government has had a very strong focus on Digital India and FinTech, and we are happy that they will continue to do so. A lot of programs were initiated towards digitisation of the country and increasing access to fintech last year – this must progress with a fresh commitment to democratise digital payments. The impact of GST should bring more people into the tax bracket. One reform that I am expecting is the tax and GST benefit for businesses opting for digital transactions. We were looking forward for this to happen last year, however, hopefully, the government will do it this year.”  

In the previous term, PM Modi took some bold reforms like demonetization, GST, IBC to improve business conditions in the country. The impact of these reforms is visible in the improvement of ease of doing business and healthy economic growth. PM Modi enjoys high trust ratings among international financial institutions like World Bank, IMF, rating agencies like S&P, Moody’s and many others, therefore, the foreign investors are bullish about Indian economy for as long as Narendra Modi is in power. The corporate Indians, Indian economy and the general populace of the country benefitted from economic reforms undertaken by Modi government.