Industry hails Modi victory in Gujarat election

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SME Times News Bureau | 21 Dec, 2012
Industry leaders Thursday hailed the sweeping victory of Narendra Modi-led Bharatiya Janata Party (BJP) in the Gujarat assembly elections saying it will further boost the flow of investments into the state.

Confederation of Indian Industry (CII) president Adi Godrej said Modi's being in office again would further boost investors' confidence in the state and provide political stability.

"The stability in the state would enhance confidence of the industry and herald new investments. CII has been working closely with the state government and looks forward to continuing its engagement with it for Gujarat's progress," Godrej said.

The Bharatiya Janata Party is poised to win bag 116 seats, virtually equalling the 117 seats won in the 2007 assembly elections to the 182-member Gujarat assembly.

"Modi's hat trick victory is a resounding endorsement of his leadership and his success in economic development in Gujarat," said Kiran Mazumdar Shaw, chairman and managing director of Biocon Limited.

"Yes, Modi has delivered on a basic inclusive development agenda that goes beyond Roti Kapada Makan - education and healthcare," Shaw said on the micro-blogging site twitter.

Narendra Modi has emerged as a poster boy of India Inc due to his industry-friendly policies and no nonsense attitude while doing business. Several corporate giants including the Tata Group, Reliance and Maruti Suzuki have invested heavily in Gujarat during his rule, which spans over a decade.

Referring to the BJP's opposition to allowing foreign direct investment (FDI) in retail, Shaw said: "Modi has to toe the party line but I'm sure he personally favours FDI in retail."

"Gujarat has voted for development," said Rajkumar Dhoot, president, Associated Chambers of Commerce and Industry (Assocham).

Dhoot said heavy investments are flowing into Gujarat because Modi has adopted industry-friendly policies and improved basic infrastructure and governance.

"Improving the basic infrastructure to facilitate the industries for starting new ventures by utilising the vast mineral reserves of Gujarat and promoting public-private partnership (PPP) in agriculture, industry and services sectors to create new jobs and further promote economic activity through proper co-ordination between government, private sector and the civil society must be the next agenda of the state government," Assocham president said.