After a long wait of two months, the Lok Sabha elections finally concluded and the country has chosen the National Democratic Alliance (NDA) led by Prime Minister Narendra Modi for the third time in a row. While the industry is largely optimistic about this development owing to the reform brought about by the Indian Government over the last two terms, there are also concerns on sustained economic growth. Here is what industry leaders expect from the newly elected Modi government.
Anku Jain, Managing Director, MediaTek India
MediaTek extends the heartiest congratulations to the newly formed Modi government and look forward to supporting their vision of a digitally advanced India. The Modi government has proactively promoted the adoption of innovative technologies to create significant societal and economic impact. We believe MediaTek’s collaboration with Indian OEMs, and our continuous investment in R&D will lead to significant advancements. This, in turn, will strengthen economic growth and support government initiatives like India AI Mission, PLI Scheme, Digital India, and Make in India. India remains a key market for us, and MediaTek is committed to investing in local talent and scaling up our R&D capabilities to drive innovation for India and the global markets.
Also read: India’s Space and Telecom Industries Optimistic about Newly Elected Indian Government
Atul Arya, chief energy strategist at S&P Global Commodity Insights
India’s rapid economic growth will be underpinned by a multidimensional energy transition — with strong demand growth for oil, gas and renewables. With this win, we can expect policy continuity. It will present new investment opportunities for both domestic and international investors
Dr. Nilanjan Banik, Economist, Mahindra University
The new government should aim to strike a delicate balance in resource allocation between urban India and rural Bharat. I anticipate a slight slowdown in capital expenditure and a potential increase in spending on agriculture and related sectors.
Also read: Industry Leaders React to the Formation of New Union Government
Joyshree Das Verma, National President of FICCI FLO
With a fresh mandate, the government is at the threshold of a transformative era, tasked with steering our nation toward progress and prosperity. We at FICCI FLO believe in the power of collaboration between the private sector and the government to drive sustainable development and create opportunities for all. Together, we can unlock the immense potential possessed by the country’s population. We fully align with the government’s vision for India’s development and its roadmap towards achieving a 5 trillion dollar economy by 2027-28, and women-led businesses can serve as a catalyst for the same. Through initiatives like STEP, Mahila Coir Yojana, and MSK, we’re committed to empowering women, fostering a thriving environment, and enhancing skilling efforts. We look forward to working hand in hand with the government to unleash innovation, improve competitiveness, and foster a thriving environment for women entrepreneurs in the country.
A Gururaj, Managing Director, Optiemus Electronics
The formation of the new government is indeed a very significant milestone for India as it brings continuance on focus on development. The previous tenure of this government has been specifically rewarding for the Indian electronics manufacturing industry. We witnessed some pathbreaking initiatives in the form of PLI, taxation benefits to boost indigenous manufacturing and development of the entire ecosystem of electronics manufacturing. All these initiatives led by the government and supported by the industry has worked well for the country and today India is poised towards India becoming a global manufacturing hub in the coming years. The push towards establishing manufacturing base for semiconductors is also a visionary effort which has the capability to encompass and support the entire electronics manufacturing eco system in India and we have already seen major global players in the process of establishing their facilities here which is significant. We share the vision of the government and will continue to work towards growing the electronics supply chain in India including design capabilities, a process which we have initiated in the last few years to create a Atma Nirbhar Bharat in the coming years.
