Corporate India greets election victories in Gujarat, HP

Dec 21 2012, 02:42 IST
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SummaryThe victory of the Narendra Modi-led BJP in Gujarat assembly elections and the Congress Party in Himachal Pradesh was welcomed by India Inc with industry captains stating governments in both states should herald new investments with stable, investor-friendly policies.

lead to many more business-friendly measures and policies that the state is known for and greatly help industry invest more in the state,” said Harsh Pati Singhania, director, JK Organisation and president, International Chamber of Commerce, India.

“The victory of Narendra Modi shows that he now has clear five years ahead to implement all his greenfield projects that will create employment, be it in education, real estate, infrastructure etc. He will also follow this vigorously to attract investments for Gujarat,” Lalit Kumar Jain, national president of Confederation of Real Esate Developers’ Associations of India and chairman and managing director, KUL, a real estate company, said.

India Inc has always been appreciative of the economic and business initiatives of the Modi government. The chief minister’s annual Vibrant Gujarat summit to invite investments has always been attended by the bigwigs of the industry where lots of agreements are signed.

Modi created the image of decisiveness and speedy clearances with the industry when Tata Motors’ ambitious project to build the cheapest cars in the world, Nano was ousted from West Bengal to find refuge in Sanand in 2008. The plant was set up in a record time of 14 months. The development led to the state emerging as an automotive hub of the country. Ford too has started building a factory in the state. Hero MotoCorp, India’s largest two-wheeler maker, has also acquired land to set up its next manufacturing facility in Gujarat.

Apart from the ability to set up factories on a fast-track basis, Gujarat’s well-developed port infrastructure is also attracting automakers.

The chemicals industry has also grown rapidly with the likes of DuPont, BASF and Dow Chemicals setting up shop in recent years. The state now accounts for 51% of the national chemical sector output.

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