Corporate India extends hand of support to new Bihar govt

India Inc pledged its support to the Nitish Kumar-led group, which swept the Bihar elections, saying it will work closely with the new government to ensure investments and execution of big-ticket projects. The industry chambers said the focus will be on agri and food processing, infrastructure, manufacturing and MSMEs, ICT and e-governance, tourism, healthcare, education and skill development, and power and energy. Congratulating Chief Minister Nitish Kumar and the leadership of the Grand Alliance on an impressive victory, Assocham said the industry looks forward to "a new beginning" in the state, which needs a renewed vigour for economic development.

"Nitish Kumar is greatly focused on the kind of governance which touches the common man, whether they are women, girl children or those at the bottom of the pyramid.His emphasis on social indicators have helped him re-win the confidence of his people," said Assocham Secretary General D S Rawat. In a statement, CII too committed itself to working with the new government in furthering the development agenda of the state.

"Our best wishes go to the incoming government, and I am sure the new government will dedicate itself to fulfilling the aspirations of the masses by leading Bihar to a new era of industrial development, economic growth and prosperity," said CII President Sumit Mazumder. The chamber suggested that the new government leverage the PPP model, including FDI participation, to boost delivery of services and improve efficiency. Chairman and MD of Biocon Kiran Mazumdar Shaw tweeted: "With Bihar elections behind us, the Modi govt can now give undivided attention to the economic agenda...

Hope the Opposition aligns with the government and the electorate." She added that the Congress also "needs course correction. Vitriolic rhetoric and opposing economic Bills is alienating the party from the electorate". Meanwhile, Mahindra Group CMD Anand Mahindra in a tweet said: "What's wonderful about this country is that election vote-counting still attracts a larger audience than Bollywood or a cricket match." British financial services major Barclays said Indian financial markets were cautious ahead of the election results, and a result against the BJP should lead to market weakness.

"We feel that today's results -- the BJP's big defeat -- could be a material sentiment dampener in Monday's early trade as this might be perceived as an additional stumbling block to the central government's reform agenda," it said in a release. Assocham said "the Indian industry would be ever willing to work with the new government in Bihar for ensuring that it receives the kind of investments and attention of big time projects and industrial projects that the state deserves".