The US corporate sector has reportedly welcomed the re-election of Modi government. It has reportedly stated that the Prime Minister has the potential to transform India and forge opportunity for all Indians. President of US India Business Council (USIBC), Nisha Desai Biswal said, “Congratulations to” Modi and the BJP “for a commanding victory.” Making it clear that the USIBC seeks to work with the Modi government, she stated, “has the potential to transform India and forge opportunity for all Indians.”
Biswal also spoke about how the Modi government’s first five years-tenure witnessed good progress on reforms. She further gave the examples of the GST, passage of the Insolvency & Bankruptcy Code (IBC), and several other regularity and legal reforms which catapulted India’s Ease of Doing Business rankings from 142 to 77. She added, “These reforms laid the foundation for India’s strong record of economic growth. Still, much remains to be done to unlock the expansive growth potential of the Indian market. With a strong mandate from the Indian people, Prime Minister Modi will have an opportunity to usher in an era of global economic and strategic leadership for India.”
Expressing faith in India’s growth story, she said that a strong US-India commercial partnership will support India’s goals. She added that a strong partnership between the two countries will help India to grow into a US $5 trillion economy in the next five years. Biswal remarked, “USIBC believes that trade and investment between the two countries is a critical element of India’s future growth, and looks forward to working with Prime Minister Modi and his team to unlock new growth opportunities across the US-India corridor.” She was the last diplomat to hold the post of Assistant Secretary of State for South and Central Asia in the Obama Administration. She vacated the position on January 20. However, the diplomatic position has been vacant in the 28 months of the Trump administration.
This development makes it clear that the Modi government enjoys massive popularity and a pro-reforms image not only in India but also across the world. The US corporate sector has expressed strong faith in the political will of the Modi government to initiate historic reforms. The track record of the Modi government during its first tenure is evidence of its ability to implement economic reforms. Having returned with an even greater majority, the Modi government can be expected to implement the reforms agenda with even more vigour from here on.
