India Inc hails UPA victory; expects reforms to continue

16 May 2009

The thumping return of the United Progressive Alliance government to power has been heartily welcomed by the business community, which it feels will ensure stability, faster reforms and continuity in policy-making.

"(The) mandate is very clear. It is a matter of great relief and will be very good for the economy. Investor sentiment will improve as there is a clear mandate for five years," Saumitra Chaudhuri, member of the prime minister's economic advisory council, told PTI.

Leaders of trade and industry appearing on various TV channels widely echoed these opinions. They welcomed the fact the Left parties would no longer have any role in policy-making.

Describing the poll outcome as 'very positive', Rajiv Kumar, director of ICRIER, an economic think tank, opined, "Economic recovery will be earlier than expected."

Calling the election results as "surprising", Abhijit Sen, renowned economist and member of the Planning Commission, said it would improve business confidence and give a push to the stock markets.

Industry stalwarts and corporate bodies welcomed the emergence of UPA as the single largest alliance in the just concluded 15th Lok Sabha poll, saying the mandate is a clear acceptence of the Manmohan Singh government's financial policies.