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.

Sajjan Jindal, president, the Associated Chambers of Commerce and Industry of India (ASSOCHAM), described the election results a vote for development and hoped that UPA government will continue its progressive social and economic agenda for inclusive growth and good corporate governance.

"The electorates seem to have favoured UPA because of its Bharat Nirman initiatives which is intended to narrow down the rural and urban divide in terms of its infrastructure," he said adding that the National Rural Employment Guarantee Programme  (NREGP), another people's friendly initiatives launched by UPA, also seem to have made a great impact in favour of UPA.

Senior vice president of ASSOCHAM, Dr. Swati Piramal said that social scheme like loan waiver also worked in favour of UPA. In addition, the deft manner in which the UPA contained communal problems and went ahead to sign the Nuclear agreement with the US were largely appreciated by the voters.

"The verdict is basically on development and stability factor which goes to prove that the government which talks and ensures development and stability will have the acceptance from people of India," the industry body said.

The Federation of Indian Chamber of Commerce and Industry (FICCI) president Harsh Pati Singhania expressed his happines saying that, "the industry is happy that we have a verdict which is clear and not fractured... This will help the government take quick and decisive action."

He said stability and continuity has been ensured by outcome of the elections, adding that, the industry is now expecting faster reforms in the areas such as pensions, insurance, banking, education reforms, retail and labour reforms.

CII director general Chandrajit Banerjee said. "It is a decisive victory. What the country needs is a stability and not uncertainty. There will be a quick formation of the government which is significant for the country and the economy."

UB group chairman Vijay Mallaya said the victory by the Congress-led coalition "is a vote for stability... UPA need not worry about hotch-potch partners. Congress can clearly pursue ..Its policies without the need to convince the Left".

Ranbaxy Lab managing director and CEO Malvinder Mohan Singh said "(The) government needs to increase public spending to drive inclusive growth. . . there has to be a strong focus on infrastructure development, healthcare and education. There is also a need to address crisis of economic confidence."

Nirmal Jain, chairman of India Infoline said the election results were a pleasent surprise for the market participants.

"People of India have given verdict for a stable government and against policies of the 'Left'. 

"Now expectations are high. Market will be euphoric and may open about 10 per cent higher. Therefore one has to be cautious but this may possibly be a beginning of another bull market. There will be opportunities for investors to invest, " he added.

According to him banks, auto and cement look like sectors which could outperform and where Investors may choose to focus.

Federation of Indian Export Organisations (FIEO) president A Sakthivel said exporters would soon present the government an action plan to deal with the crisis in the export sector, adding that exporters, who are facing a tough time due to the global economic downturn, are pinning their hopes on the UPA government.

West Bengal's industry too welcomed the UPA victory, saying that it expects the next five years to be stable and friendly.

Bengal Chamber of Commerce and Industry senior vice president Sandipan Chakrabarty said industry is happy for the UPA which provided a stable government for the last five years and expected a similar positive trend to continues.

"The Left Front which pioneered the Third Front is totally out of the race and will have limited power in opposing Delhi. So reforms which were suffering will now materialise," he said.

RPG Enterprises vice chairman Sanjiv Goenka while praising Congress general secretary Rahul Gandhi said, "It is a Congress and allies wave who are sweeping the nation and West Bengal is no exception." It is a vote for stability and a vote for continuity, he added.

Dunlop India and Jessop chairman Pawan K Ruia said the results were an indication to economic revitalisation.