Election 2024 Results: Here is what India Inc is betting on as Exit Polls signal a third term for Modi

Experts and industry leaders said that while India’s economy is projected to grow at 6.8 per cent in FY25, surpassing other major global economies, all eyes are on the new government that will give further impetus to the current growth momentum.

With the exit polls indicating BJP’s return to power, India Inc is expecting optimism across sectors. Experts and industry leaders said that while India’s economy is projected to grow at 6.8 per cent in FY25, surpassing other major global economies, all eyes are on the new government that will give further impetus to the current growth momentum and propel the nation towards a $7 trillion economy by 2030.

India Inc is also looking forward to policies that enhance local manufacturing capabilities through initiatives like ‘Make in India’ while reducing bureaucratic hurdles and improving ease of business in order to attract more foreign investment. Additionally, the country is also hoping for initiatives that will bolster the new energy landscape including green hydrogen, solar technologies, microgrids, and electric vehicles.

Rajesh Narain Gupta, Founder and Chairman, SNG & Partners, said, “Post election results, corporate India expects serious and visible reforms on ease of doing business in India; reasonable approach by tax, enforcement directorate and investigating agencies; serious judicial reforms curtailing on the time and costs; reduction in government cases across various courts and forums; creation of new business opportunities and employment opportunities; rationalization of direct and indirect taxes for individuals including HNI and UHNI; respectable and honorable treatment for HNI and UHNI contributing significantly as value creators.”

Ever since the PM Narendra Modi-led government came into power the country has shown tremendous progress in the infrastructure sector and with the exit polls predicting BJP’s return, experts believe that the landscape of roadways is set to revolutionize to a whole other level, especially as new projects are likely to open grand new investment opportunities.

Here is what India Inc is expecting from the results of Lok Sabha elections…

Avneet Singh Marwah, CEO, Super Plastronics Pvt Ltd

As exit polls signal Prime Minister Modi’s anticipated third term, optimism surges within the industry. Stability under Modi’s leadership is paramount for economic expansion, notably within the semiconductor domain. Key government initiatives such as the Production Linked Incentive scheme, coupled with infrastructural enhancements, fortify India’s competitive stance in the global semiconductor arena. Leveraging our robust engineering talent pool and the evolving dynamics of global supply chains, India stands poised to emerge as a significant player in semiconductor manufacturing. This growth trajectory promises not only the creation of high-quality employment opportunities but also catalyzes advancements across diverse sectors. We emphasise that a steadfast government under Modi’s helm is instrumental in propelling India’s semiconductor sector forward, securing its foothold in the global technological landscape.

Dhiraj Relli, MD & CEO, HDFC Securities 

Going by a majority of pollster’s exit poll predictions, the NDA alliance could end up with 350-370 seats, enough to form the govt for the third time and is in line with the median forecast ahead of the exit polls. However, this number is almost the same as that in 2019 and short of the 400+ target of the alliance.

Psephologist are at their best in analysing exit polls. The actual seat count may be a little different on June 04. We also need to check the exact gains or losses in vote share by the two alliances. Unless we get a surprise in the balance exit poll predictions, Indian markets may not react majorly to these numbers on a closing basis.

In any case, the disappointment or the euphoria may settle down in a couple of days, and the focus may shift to the policy announcements in the first 100 days of the new government. The fact that the BJP could return to power is good for continuing and accelerating the reform process. This outcome was mainly on the expected lines. Hence, markets may, after the initial excitement, wait out for the new path set out by the latest government. If the NDA does not get 400+ seats, some fundamental reforms requiring constitutional amendments may be challenging to implement, but there is still a lot that can be done with this kind of majority.

Sectorally, Infrastructure, BFSI, Capital Goods, Telecom, etc, could be the key beneficiaries, but the forthcoming Budget will throw more light on sectors that could lead the next rally. Above normal monsoon can cheer the rural economy, which may benefit the FMCG sector.

Deepak Sharma, Zone President – Greater India & MD & CEO, Schneider Electric India

India’s economy is projected to grow at ~6.8% in FY25, surpassing other major global economies. This is a testament to the country’s resilience amidst global uncertainties. As India concludes the world’s largest democratic exercise, all eyes are now on the new government that will give further impetus to the current growth momentum and propel the nation towards a $7 trillion economy by 2030. We expect the government to harness the potential of manufacturing, create copious employment opportunities, and expand economic activity. By focusing on self-reliance and resilience in global value chains, India can accelerate its growth trajectory towards being a Global Hub for Manufacturing and Innovation. Additionally, we look forward to initiatives that will bolster the new energy landscape including green hydrogen, solar technologies, microgrids, and electric vehicles.

Anuj Puri, Chairman, ANAROCK Group

India Inc eagerly awaits the general election results, as always hoping for a government that is both stable and pro-business. A decisive win with a clear majority will increase investor confidence and promote investments and economic expansion. Key industries such as real estate, manufacturing, and infrastructure are expected to see considerable benefits from continued economic reforms and policy stability.

Praveen Khandelwal, Secretary General, Confederation of All India Traders (CAIT)

The business community, comprising traders and small industries, is optimistic about Prime Minister Narendra Modi’s potential third term in government. The next five years are deemed crucial for the country’s trade and economy. Significant progress is anticipated in line with PM Modi’s vision of making India the world’s third-largest economy. We expect new initiatives, policy support, and substantial steps from the government to boost domestic trade and the economy, improve India’s share in global exports, and simplify the tax structure to enhance compliance and government revenue.

The prevailing positive atmosphere and expected political stability are seen as keys to robust development. The momentum in infrastructure development and capital expenditure is anticipated to persist, ensuring financial liquidity in the markets and enhancing consumers’ purchasing power. Significant developments are expected in the power, infrastructure, real estate, and tourism sectors, promoting trade growth and attracting global investments. This aligns with PM Modi’s ‘Make in India’ and ‘Aatmanirbhar Bharat’ initiatives.

Support policies for the younger generation with innovative ideas are also expected, strengthening the startup ecosystem. Additionally, financial literacy and the empowerment of women will be prioritized to ensure more women in the country become self-reliant.

Dr Mahesh Gupta, CMD, Kent RO Systems

The upcoming election results hold significant importance for corporate India. We look forward to policies that enhance local manufacturing capabilities through initiatives like ‘Make in India’. Reducing bureaucratic hurdles and improving ease of business will attract more foreign investment. We also anticipate measures to improve digital infrastructure and broadband connectivity. Strengthening intellectual property laws will protect innovations and encourage R&D. A supportive government will drive growth, innovation, and help Indian businesses compete effectively on a global scale.

HS Bhatia, MD, Kelwon Electronics & Appliances Pvt Ltd & Manufacturing Partner, DAEWOO India

We expect the new government to address key challenges such as import duties, domestic manufacturing incentives, and ease of doing business. A pro-industry stance coupled with initiatives to boost disposable incomes and rural demand would be a boon for the corporate sector. Additionally, we anticipate policies promoting digital literacy and internet accessibility, driving the adoption of smart technologies and fueling innovation. A stable and business-friendly administration would foster an environment conducive to growth, enabling Indian businesses to cater to the evolving needs of consumers.

Rajeev Kapur, MD, Steelbird Helmets and President of Helmet Manufacturing Association of India

The election results will have a significant impact on corporate India. We hope for continued government focus on safety initiatives and strict enforcement of regulations. Policies that incentivize manufacturing and ensure quality standards will be beneficial. Support for innovation in safety technologies can enhance product offerings. A proactive approach to safety will not only save lives but also boost demand for safety gear, driving growth and fostering a culture of safety across the nation.

Ayush Lohia, CEO, Lohia Auto Industries

The upcoming election results are crucial for corporate India. We hope the new government continues to support green initiatives with subsidies and tax incentives for sustainable practices. Clear policies and long-term commitments will encourage investment in necessary infrastructure. A favorable outcome will boost consumer confidence and accelerate the adoption of sustainable technologies, aligning with our goal of a sustainable future. A robust ecosystem will drive innovation, job creation, and economic growth while addressing environmental concerns.

Saurabh Rai, CEO, Arahas Technologies

The new Indian government to prioritize policies that foster innovation and sustainability, particularly in the geospatial technology sector, while also enhancing disaster management capabilities. We seek a regulatory environment that simplifies business operations, promotes digital infrastructure, and encourages investment in green technologies. Additionally, we advocate for enhanced support for research and development initiatives, improved access to financing for tech-driven enterprises, and robust disaster management systems that leverage cutting-edge geospatial technology for early warning and efficient response. By collaborating closely with industry leaders and streamlining regulatory frameworks, the government can help propel India towards a future where technological advancement, environmental stewardship, and effective disaster management go hand in hand.

Mahesh Girdhar, Managing Director & CEO, EverEnviro Resource Management Private Ltd

India will be on the trajectory of becoming one of the fastest-growing economies, with forecasts predicting robust economic growth from 2024-2028. It is reassuring to be optimistic about the country’s future, especially with a stable and growth-oriented government in place, despite the global and regional conflicts, financial uncertainties, and other prevailing threats. To sustain this growth momentum, the government must advance reforms for key sectors including the clean energy sector by prioritizing renewables, investing in innovation and technology, and promoting public-private partnerships to build a better, generating more jobs, cleaner, and more sustainable India for generations to come. We expect the government to introduce robust frameworks to address issues such as high capital and operational costs, through low-cost funding and risk-sharing facilities in the renewables sector. A framework for a grid system, like solar, would allow CBG production in one location and off-take in another, while maintaining the green properties of the molecule. Focus on promoting use of Fermented Organic Manure (FOM) will help boost soil health and regenerative agriculture. Such initiatives are vital for enhancing production and distribution, thus strengthening the overall sector. Additionally, we expect the new term to take up the crucial task of increasing CBG induction in the renewable fuel landscape. New government needs to make India as the next renewable hub and economic power.

Rajeev Kashyap, VP and MD, Nextracker India

We expect the new government to maintain a strong commitment to renewable energy, with a particular focus on innovation and R&D in solar technology. This emphasis is crucial for unlocking the nation’s clean energy potential. The recent NITI Aayog study underscores the state-specific opportunities and the need for effective grid balancing, offering a clear roadmap for the future. As India aims for ambitious targets like net-zero emissions by 2070, Nextracker is prepared to contribute significantly, recognizing that renewables will power most of the world’s electricity by 2050. With the right policies and collaborative efforts, we are confident that India can achieve its ambitious goals and become a global leader in the clean energy revolution.

Amit Jain, CEO & Country Manager, ENGIE India

I am encouraged by the government’s focus on renewable energy in the 2024-25 interim budget. The Viability Gap Funding for offshore wind energy is a significant step towards our sustainable future. I hope the new government will support wind and solar energy initiatives, helping the industry by ensuring policy stability and providing clear tax structures to facilitate industry growth. With the 2030 installed capacity target for India of 500 GW, I look forward to more opportunities in solar and wind sectors, including advancements in hybrid and battery storage technologies.

Parmod Sagar, MD & CEO, RHI Magnesita India

India’s economy has been resilient throughout the last decade thanks to its strong macroeconomic fundamentals along with consistent policy reforms, robust investments and initiatives that have been undertaken especially in the infrastructure sector. There is expectation from the new government that there will be a continuous push on the infrastructure sector as this will create a multiplier effect for industries like refractory which in turn will complement the growth of the steel and cement industry and facilitate a sustained economic growth for a $7 trillion economy by 2030. In addition, with India poised to become the world’s 3rd largest economy, collaborative policymaking will be instrumental in unlocking the full potential of core manufacturing industries like refractory that are vital for nation-building.

Prasad Panicker, Chairman, Nayara Energy

Nayara Energy continues to remain bullish on the Indian markets and we are expanding our business footprint. To foster further investments in the oil & gas industry we look forward to the following major positive developments from the new government:

– Bringing petroleum products under GST ensures a uniform tax structure across states, reduces complexity, cascading effect & multiplicity of taxes, and reduces RSP for end-customers.

– Support investments in the petrochemical industry in the form of PLI, capital subsidy, export benefits, and tax breaks can further boost the investment cycle and compete in the international markets even as India develops itself as a global manufacturing hub.

– The industry is at the cusp of a generational transformation and will form a major contributor to the decarbonization goals set by India. As we transition into a greener energy ecosystem with bio-fuels and green hydrogen integration in our manufacturing processes, increased financial support until economies of scale are achieved will help accelerate the adoption.

Shivdutt Das, Executive Director, Vishwa Samudra Group

Irrespective of the election results, the country has to stay committed to the development agenda. Infrastructure development which has taken centre stage over the last decade is a continued journey and the government is expected to strengthen this further with much more investment and innovative schemes encouraging private participation.

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