US corporate sector welcomes re-election of Modi

US corporate sector Thursday congratulated Narendra Modi on his "commanding victory", saying the Prime Minister has the potential to transform India and forge opportunity for all Indians.

Prime Minister Modi-led Bharatiya Janata Party (BJP) appears set to post an emphatic victory in the Lok Sabha election, bringing Modi back into the office for a second term.

"Congratulations to" Modi and the BJP "for a commanding victory," said Nisha Desai Biswal, president of US India Business Council (USIBC).

The Prime Minister "has the potential to transform India and forge opportunity for all Indians," she said, adding that the USIBC looks forward to working with the BJP government.

Commending Modi on his electoral success, Biswal said the first five years of Modi's government saw good progress on reforms.

The establishment of a national Goods and Services Tax, passage of the Insolvency and Bankruptcy Code, and a variety of legal and regulatory reforms catapulted India's Ease of Doing Business ranking from 142 to 77, she said.

"These reforms laid the foundation for India's strong record of economic growth. Still, much remains to be done to unlock the expansive growth potential of the Indian market. With a strong mandate from the Indian people, Prime Minister Modi will have an opportunity to usher in an era of global economic and strategic leadership for India," Biswal said.

A strong US-India commercial partnership will support these goals, helping India to grow into a USD 5 trillion economy in the next five years.

"USIBC believes that trade and investment between the two countries is a critical element of India's future growth, and looks forward to working with Prime Minister Modi and his team to unlock new growth opportunities across the US-India corridor," Biswal said.

Biswal was the last diplomat to hold the position of Assistant Secretary of State for South and Central Asia in the Obama administration.

She left the position on January 20. The important diplomatic post has been vacant in the 28 months of the Trump administration.