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As the clock struck noon, initial election result trends pointed towards the Bharatiya Janata Party (BJP) and its allies, the National Democratic Alliance (NDA), securing a substantial majority. Projections suggested the BJP-led coalition could clinch between 290-300 seats, positioning them for another term.
Meanwhile, the Congress-led India Alliance trailed with an estimated 220-230 seats, representing a significant improvement from the previous election in 2019. This electoral outcome sparked discussions among financial experts, who dissected its implications for the nation’s economy.
The finance experts expressed optimism and confidence for India Inc as the projected full majority government, as per trends until noon, anticipated stability in the economy and for corporate India. They emphasised that the return of the government would ensure continuity in reforms across various fronts, including economic policies, governance, and taxation. Furthermore, they highlighted that a stronger opposition compared to 2019 would act as a check on the government’s unfettered powers.
Here is what experts told ETCFO:
Former President of the Institute of Chartered Accountants of India (ICAI), Amarjit Chopra, said, “It appears that a strong opposition is emerging, which is a welcome sign in democracy. I wish for the NDA to continue in power for the sake of stability in economic policies, albeit with checks on its unfettered powers.”
Early signs show Indian voters opting for stability with a clear mandate for the ruling BJP team, but also a fairly strong opposition. A healthy democracy functions best when a majority party rules with a robust opposition bringing balance to governance. This seems to be the emerging scenario. “Good for Bharat. Good for all of us,” said seasoned finance expert Robin Banerjee.
Dr Kishore Nuthalapati, Chief Financial Officer at BEKEM Infra Projects Pvt Ltd, underscored the pivotal role of a strong central government, attributing the nation’s developmental strides over the past five years to political stability. He highlighted how this continuity fosters confidence among investors, ensuring policy certainty and paving the way for sustained progress.
Echoing sentiments of optimism, Rajat Mohan, Executive Director at MOORE Singhi, outlined expectations of accelerated reforms on the tax front. Anticipating simplification of the GST rate structure and robust compliance measures, he envisioned a regulatory environment conducive to investment and growth, aimed at curbing tax evasion and enhancing overall economic well-being.
Rahul Agrawal, Chief Operating Officer of Xpressbees emphasised the significance of policy continuity under a returning government. He highlighted the positive market response to stability, noting its role in encouraging both domestic and foreign investments. With a renewed mandate, the government stands poised to advance long-term infrastructure and development projects, stimulating job creation and economic activity.
(This story is based on election result trends up to 12 PM on June 4th.)
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