BUSINESS

Focus should now be on reforms: industry

Corporates hail UPA’s confidence vote win

NEW DELHI: Corporates and investors hailed the UPA Government’s victory in the trust vote on Tuesday, saying that the focus should now be on economic reforms.

The stock market showed upsurge since Monday, coinciding with the commencement of the debate on the confidence motion moved by Prime Minister Manmohan Singh as if reflecting the belief in the victory of the government.

Apex industry chambers welcomed the Prime Minster’s victory in the confidence vote saying not only the government should push for economic reforms including the passage for the financial bills, but also take the nuclear deal to its logical conclusion, a move that should help India on the energy front.

The confidence of industry in the government’s victory was evident by the response that over 400 CEOs gave in a survey saying the UPA regime will sail through. Top officials of Indian banking fraternity said the development would augur well for the economy and the financial sector.

“We expect that in the next three months the major bills pending in Parliament, including the pension bill and the banking reform bill, will be pushed through,” FICCI President Rajeev Chandrasekhar said immediately after the results of the trust vote were known.

Congratulating the Prime Minister, Assocham President Sajjan Jindal described the victory as “a vote to the future of India and pragmatic policy pursued by the UPA Government for building a strong India”.

Stating that the political development has ended days of uncertainty, CII Director General Chandrajit Banerjee said: “It has come in as a much-needed relief for growth momentum of the Indian economy.”

FICCI said its President Rajeev Chandrasekhar would be proposing to the Prime Minister a 10-point agenda on Wednesday to move the reforms efforts forward in a major way.

Echoing the sentiment, PHD Chamber of Commerce President L. K. Malhotra said the victory would signal stability and continuation, which was good for the economy and the industry, as reforms initiated by the government would continue. “It will also signal a stint of reforms which have been debated such as insurance, pension funds and financial reforms,” he added.

FIEO President Ganesh Gupta said the victory would help the nation in continuity of policies initiated by the UPA Government for promoting exports. — PTI

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