Industry hoped that the new government endowed with political stability would take immediate steps to neutralise the ripple effects of the global slowdown that has crimped the demand cycle in the economy.
Singh said efforts to put the economy back on a path of higher growth rate would get priority.
At the same time, he said stress would also be laid on inclusive growth thereby hinting that the government would allocate more funds for popular socio-economic programmes.
Experts feel tha the real challenge facing the new government is to strike a balance between spurring growth and fiscal consolidation.
Federation of Indian Chambers of Commerce and Industry President Harsh Pati Singhania said: “under the leadership of Manmohan Singh, we are sure that we would get a conducive economic environment in which we could propel growth and go back to the 9 per cent growth trajectory.”
Terming Manmohan Singh an architect of the country’s economic reforms, the Confederation of Indian Industry said the outcome of the elections had ensured a stable government.
“We look forward to working closely with the government in reviving the economy during the coming days, and chart a course towards higher economic and social growth,” CII Director General Chandrajit Banerjee said.
Echoing similar views the ASSOCHAM President Sajjan Jindal hoped the new government would continue to push for reforms in financial, agriculture and civil aviation for inclusive growth.
DH News Service