After Modi win, India Inc hopes for speedy development

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MUMBAI: Several India Inc leaders are hopeful that BJP’s landslide victory in Uttar Pradesh state elections will help push the government’s reform agenda further, propel stock markets up, and hasten the implementation of big-ticket measures such as the goods and services tax (GST).

They attributed the saffron party’s win in the country’s most populous state to Prime Minister Narendra Modi’s charisma, an anti-incumbency wave, and focus on development.

AM Naik, group executive chairman at Larsen & Toubro, called BJP victory in UP unparalleled in the history of independent India.

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“Modi’s larger than life personality, his hard work and understanding of technical things has paid off. Also, he has Amit Shah by his side, who is a great strategist. Their combination is lethal. I think people are fed up of regional politics and want development,” he told ET.

Harsh Goenka, chairman at RPG Enterprises, tweeted that “the decisive mandate for BJP will embolden Modi government to shift agenda from political to growth. Stock market will rock and rupee will strengthen.”

Mahindra Group chairman Anand Mahindra tweeted, “Investors value predictability & stability. BJP’s resounding victory in UP points to long-term leadership. Markets may well applaud next week.”

Harsh Mariwala, chairman at Marico, said a clear majority will remove constraints that a coalition government would have to face. “This win has clearly lifted the mood in the BJP and paves the way to a return in 2019 elections.

I think now the government should focus on pushing more reforms and aiding a Modi | Larsen & Toubro development and progress,” he said.

India Inc leaders say the massive victory in UP will give BJP an upper hand in the Rajya Sabha and help push through its development agenda across India.

“The people of UP have spoken. People are tired of regional politics and want progress. There is a rout of regional parties and the trend is clearly anti-incumbency.

People want inclusive development that is both in urban and rural,” said Kiran Mazumdar Shaw, chairman at biopharmaceutical company Biocon. “Akhilesh was also impacted by the family conflict,” she said.