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India Inc unfazed by poll results

May 13, 2004 15:25 IST

Unperturbed by the change of guard at the Centre, India Inc on Thursday exuded confidence that economic reforms would continue to be the focal point of the new government even as it emphasised on stability.

On whether industry had any apprehensions if Congress President Sonia Gandhi took charge of the new government, FICCI President Y K Modi said: "Leadership is not an issue for the industry."

"The only thing we look forward to is stability which can come only if all the constituents of the government become a part of it (new government) and not extend support from outside," he said.

Industry hoped that all the constituents of an alliance would become a part of the government to ensure stability which, it said was a crucial factor to carry forward the reforms agenda.

"We are confident that economic reforms will be the priority of the next government as election manifestos of both the Bharatiya Janata Party and the Congress were indistinguishable in terms of their economic policies," CII Director General (Designate) N Srinivasan said.

Asked whether the present trends of election results would give a jolt to economic reforms, he said "I do not think it is a vote against reforms. Candidates are pro-reform."

Listing out some of the failures like tackling the issue of unemployment, infrastructure bottlenecks and social sector development, Modi said the new government should lay emphasis to these issues which afflicted common man.

"Public wants life to be improved and basic amenities like roads and electricity, where I think the NDA government failed. It could not create adequate employment in sectors where there could have been large-scale jobs," FICCI chief Modi said.

The Associated Chambers of Commerce and Industry said it looked at the new government for stability and furtherance of economic reforms along with steps for infrastructure and social sector development.

"Also the government should ensure that more and more employment opportunities are created especially from the agriculture and manufacturing sector," M K Sanghi, President, Assocham, said.

The NDA government's track record had been very impressive in terms of economic reforms which were initiated by the Congress, CII's Srinivasan said.

Giving full marks to the Vajpayee government on the economic front, he said, "The next government will be on a very strong wicket as economy is doing so well. Whether the BJP-led or Congress-led coalition comes to power, the next government will have to ensure that it does not play loose shots."

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