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Industry welcomes verdict for development

Venu Srinivasan

NEW DELHI: Indian industry on Saturday was unanimous in welcoming the return of United Progressive Alliance (UPA) to power as a verdict for stability, growth, continuity and economic prosperity under the leadership of Prime Minister Manmohan Singh.

Confederation of Indian Industry (CII) President Venu Srinivasan congratulated the UPA government for its historic win and thanked the people for providing stability at the Centre to cope with the current economic condition.

Underlining that the verdict called for continuity, Mr. Srinivasan hoped that the government would give thrust to reforms and focus on infrastructure for economic revival and sustained growth.

Harsh Pati Singhania

Federation of Indian Chambers of Commerce and Industry (FICCI) President Harsh Pati Singhania said it was a positive signal for the world and the country’s democracy as the electorate had demonstrated a high level of maturity.

Mr. Singhania hoped that the UPA government would usher in reforms in sectors of pension, insurance, banking, disinvestments, labour, private participation in defence and retail besides implementing the stimulus package to push the growth rate to seven per cent.

Associated Chambers of Commerce and Industry of India (Assocham) President Sajjan Jindal maintained that it was a vote for development and hoped that the UPA government would continue with its social and economic agenda for inclusive economic growth.

Mr. Jindal said that the people-friendly initiatives like Bharat Nirman and National Rural Employment Guarantee Scheme had found favour with the general masses.

PHD Chamber President Satish Bagrodia welcomed the return of UPA government with the hope that it would usher in a new wave of reforms that would stimulate demand, boost investment climate and put the economy on the path of growth.

Indo-American Chamber of Commerce (IACC) President S. K. Jain said that the verdict augured well for the country to take critical economic policies and address the industrial and export slowdown at the earliest.

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