Pro-Indian investment community in Singapore on Friday applauded Narendra Modi's landslide win in the general election, saying this will provide a strong Bhartia Janata Party-led government in New Delhi.
"The market was anticipating this, though not to the extent of the landslide victory that we are seeing thus far," Girija P Pande, executive chairman of the Singapore-based APEx Advsiros, a group aiming to promote investment in India, told PTI.
"Investors are certainly happier seeing this outcome (of the votes) but they will pause till we see some concrete measures and policy of the new government," Pande who previously headed Tata Group's businesses in Asia, said.
"The Indian business community wants to see a strong stable government with a willingness to reform, break down the shackles of the past which is holding India back," he said.
"Modi has received a very strong mandate from the people," Tarun Kataria, chairman of Cityspring Management Pte Ltd, a corporate finance advisory practice in Singapore, said, adding that "Modi was an agent of change in Gujurat and is being given the opportunity to do this at the center."
"Expectations are running high and he (Modi) will need to move quickly to keep momentum," Kataria said.
"He needs to introduce the new tax code and GST in the next budget," added Kataria.
He also stressed that Modi must clear coal linkages so power generation can begin and of course clear all the infrastructure projects that have been languishing for years.
The new government's focus should be to cut down red tape, introduce tax and regulatory reforms to attract Foreign Direct Investment (FDI), invest in development of infrastructure facilities and encourage Indian corporates to step up for global expansion, said Abhijit Ghosh, Partner & Head of India Desk, PwC Singapore, an international management group.
"The motto should be to introduce well thought out long term measures rather than offering quick fix solutions. This in turn will require careful management of the expectation of Indians as well as the international community," Ghosh said.
"Modi will need to make the right choices and noise to build up momentum for India's next phase of economic growth," said Ghosh.
"India has to become part of the global economy with a strong manufacturing sector which is the only way productive jobs can be created in large numbers," elaborated Pande.
The Indian expatriate community, including high net worth individuals, has been glued to Indian television channels for the past several months monitoring the election campaigns and today the results of the outcome of votes general since morning through various Indian television channels available and Internet.
