‘Modi’s win is victory for Digital India’
Industry leaders cheer the clear majority for NDA and look forward to a new era of industrial growth and policy reforms
The verdict for the 2019 Lok Sabha elections is out and India has voted Narendra Modi back to power.
The exit polls had predicted a clear majority for Modi’s BJP-led coalition, the National Democratic Alliance (NDA), and the final numbers show that the BJP has formed a hold in most parts of the nation.
We, at exchange4media, caught up with industry experts for their reaction on the big verdict and what they expected from the new government at the Centre.
Punit Goenka, MD & CEO, Zee Entertainment Enterprises Ltd.
Transparency and Technology, in my opinion, are the two key important aspects which will boost the Media and Entertainment sector. Hence, the government should continue its efforts in enabling this convergence. Our nation is blessed with rich and immense creative potential, which needs to be further unleashed and capitalized in order to drive innovation and most above, generate employment. I congratulate Prime Minister Narendra Modi on his victory. Corporate Inc. must together join this era of transformation and march ahead towards making the nation a global superpower.
Ashish Bhasin, CEO – Greater South and Chairman & CEO – India, Dentsu Aegis Network
Business doesn’t like uncertainty. So it is good that the period of uncertainty is over. It doesn’t matter whether party ‘A’ wins or ‘B’ wins. The business would like somebody decisive to be in power with a majority so that they can take decisions. This government has now got an absolute majority so hopefully, that they will take some bold decisions. The corporate tax rate needs to be looked into, simplification of taxation needs to be looked into, and personal income tax rate also needs to be looked into. Land and labour reforms are pending. I am hopeful that with absolute majority mandate the government will, with great gusto, take all the right decisions to start the reforms so that the economy can start doing better.
Gautam Hari Singhania, Chairman and Managing Director, Raymond Ltd
Decisive leadership and political stability are good for the country and a major boost for our fast growing national economy. In a decade of consumption-led growth ahead for our young country, this mandate should usher a new era of industrial growth and policy reforms, including a significant fillip to the manufacturing sector.
Karan Bedi, CEO, MX Player
Indian OTT platforms will be benefitted from the historically low data prices that are a product of the government’s favourable measures. As the country’s largest video streaming platform, we are excited about the potential for growth in digital-driven ecosystems across semi-urban and rural India. Technology and telecom infrastructure development in these areas will further accelerate our entry into smaller markets while offering OTT players the opportunity to innovate and flourish at scale. It will also help more indigenous talent to emerge and trigger a cycle of inclusive growth.
Gautam Sinha, CEO - Times Internet
We are hopeful the current government will continue with its progressive policies in the technology and startup sectors. The Indian startup sector has seen considerable boost in the past five years, and is now calling for bolder reforms. Clearer policy directions and enhanced ease of doing business will help establish a healthier ecosystem for large-scale businesses as well as tech entrepreneurs.
Varghese Chandy, VP, Sales, Marketing, and Advertising- Malayala Manorama
It wasn’t surprising at all. It was expected that Modi would come back to power, but yes this huge majority for NDA and BJP is a surprise. It is definitely better than a fractured mandate as it would help the party in power to go ahead with their agenda which I hope would be the development of the nation. It is heartening to note that in Kerala, NDA could not open their account as they tried their best to polarise the state with the Sabarimala issue. People in Kerala reacted against the arrogance of the Chief Minister and his poor management of the Sabarimala issue. This led to a record victory of 19/20 seats for the Congress-led UDF.
Both Modi and Rahul were graceful, one in his victory and the other in his defeat. Modi tweeted: ‘Together we grow, Together we prosper, Together we build a strong and inclusive India.’ I really hope he means what he says and works towards the development of an inclusive India, which is the important pillar of a secular India.
Prashan Agarwal, CEO, Gaana
The ongoing 4G revolution is a result of the favourable business environment created by the government's progressive policies. The rapid increase in the country’s internet population over the past few years has aided digital-first businesses like ours and triggered a widespread rise in customer-centric product development out of India. As the country’s leading music app, we are hopeful the newly appointed leadership will help establish a more favourable business environment that cements our country’s status as a global innovation hub.
Aditya Ghosh, CEO, India & South Asia, OYO Hotels and Homes
The Indian General Election is the biggest testament to the power of democracy. “Irrespective of the political divide, we hope for a new beginning of inclusive growth, which will help the common man; renewed vigour in creating more opportunities for all; progressive thought and reforms that enable growth and entrepreneurship; and driving maximum participation of the youth.”
N Chandramouli, CEO, TRA Research
The Modi-brand of politics has caught the fancy of the voters in the 2019 elections, and that too with resounding success. The unseen contributors to Brand Modi were the litany of agencies which worked to create a larger-than-life persona and this worked for the Indian electorate. Despite the pre-election win bravado, there would have been some surprises in the BJP circles at the outcome as well, for the Indian voter is known to be eclectic and a little unpredictable. However, the Modi messages clearly touched the voters.
I am sure all businesses echo the feeling that they want some reprieve, some relief from the pressures business are currently facing. And the government should become what it promised in 2014, one with maximum governance, not maximum control. The tax regime needs to ease pressure on the businesses, the policy should be towards building business confidence and true job creation should be the new government's focus areas.
Anand Kripalu, Managing Director & CEO, Diageo India
The exit polls had predicted a clear majority for Modi’s BJP-led coalition, the National Democratic Alliance (NDA). A stable government is indeed welcome for the nation and economy. We hope that the new government will reinforce its progressive policies towards the industry and usher in the next phase of reforms to promote ease of doing business with ‘Making in India’. We also look towards the federal government to encourage states to urgently bring comprehensive regulatory reform into key state GDP contributing sectors such as alcoholic beverages.
Puneet Dalmia, MD, Dalmia Bharat Group
It’s a victory for Nationalism and Indian pride. Now no one can stop India from becoming a military and economic superpower. The results are a clear indication that the country and its people are all for progress and stability. Three cheers to the Indian voters.
Harshil Mathur, CEO & Co-Founder, Razorpay
The Modi government will continue to focus on digital India. This government has had a very strong focus on Digital India and FinTech, and we are happy that they will continue to do so. A lot of programmes were initiated towards digitisation of the country and increasing access to fintech last year - this must progress with a fresh commitment to democratise digital payments. The impact of GST should bring more people into the tax bracket. One reform that I am expecting is the tax and GST benefit for businesses opting for digital transactions. We were looking forward to this to happen last year. Hopefully, the government will do it this year."
Ashok Chopra, Country Head at Fresca Juices
We hope the current government will continue to ensure the implementation of more progressive policies. We expect them to help small traders and businessmen by further simplifying GST. It will also be helpful if the GST returns are allowed to be filed on a quarterly basis
In terms of other policies, we expect more incentives for the set-up of new food processing plants. We would also ask the government to consider increasing direct FDI in the food processing industry. Additional incentives to promote the ‘Make in India’ campaign should also be a prime area of focus, as it can help create more job opportunities for the country's youth.
Ashutosh Harbola, CEO and Co-Founder, Buzzoka
BJP will have a lot more on their shoulder as new India has higher expectations this term. While Digital India saw a mammoth growth in the last term, people expect the same to continue with higher investments. Also, on the front of ‘ease of doing business’, the government took some major steps in the last term and we expect even simpler processes should be implemented. And finally, on the GST front, I would appeal the government to introduce simpler filing processes for start-ups and MSMEs.
Alok Gupta, Director, Graphisads Pvt Ltd
The government should carry on with the reforms and the initiatives that have happened in the first tenure. A lot of groundwork has already been laid by the government and will hopefully come with an action plan which will be executed at a very fast pace.
A lot of sectors are going through disruption, wherein the government really has no role to play. However, the banking, finance and real estate sector has gone through a lot of churning in the recent past. We expect a lot of consolidation happening in the near future and with some positive news, these clients should bounce back and spend. This shall be helpful for the economy overall as well as the outdoor sector.
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