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India Awaits Election Results: Anticipating Pro-Growth Strategies After Exit Polls Have High Hopes for Pro-Business Policy

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As the nation eagerly awaits the results of the upcoming Lok Sabha elections, the business community is full of anticipation and hope for the new government. India is on the verge of a major economic transformation and many industries are poised for unprecedented growth. Companies and investors are looking for policy directions that will sustain growth, foster innovation and strengthen the country’s global competitiveness. Insights from industry experts reflect a broad spectrum of hopes for policies that will strengthen various sectors and propel India to become a global economic powerhouse.

Unlocking new opportunities for startups

Balu Ramachandran, founder and CEO of OC Academy, highlights the potential for a new wave of startup opportunities in the next five years. “Many startups in the last two decades, especially across the technology and B2B sectors, have focused on global opportunities leveraging India’s technology talent and lower cost base. India’s march towards becoming the world’s third-largest economy is well under way, but the next five years are expected to unlock a whole new range of start-up opportunities. These will target Indian consumers across B2C, B2B and deep technologies for global consumption (AI, space technology, etc.). I expect significant government policy initiatives to increase the scale and impact that startups would have on the Indian economy like never before.”

Strengthening the food industry

Sanket S., co-founder of Scandalous Foods, envisions a stronger focus on the food processing sector. “As we await the upcoming Lok Sabha election results, we hope that the new government will prioritize the food industry by integrating it more closely with the Ministry of Agriculture, as seen in many other countries. This could help mainstream the industry and provide more targeted support. We expect the introduction of further schemes aimed at strengthening the backend infrastructure, including cold chains, warehousing and transport. In addition, offering input credit to the food industry would significantly boost food processing by increasing purchases from food services. It is also important to place street food vendors in more hygienic and designated locations under strict FSSAI compliance, which will ensure better food safety and quality. Better implementation of MSME programs is vital for the growth and sustainability of the industry.

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Strengthening trade and competitiveness of small and medium-sized enterprises

Ankit Verma, director for the Indian subcontinent at Air8, emphasizes the importance of trade agreements and supporting SMEs. “Air8 anticipates that the new government will speed up the implementation of new trade deals with the UK and Europe, enabling SME exporters to better compete with other major exporting countries. We anticipate significant pressure on the digitization of trade finance, which will streamline processes and increase efficiency. In addition, we expect strong government support for SMEs, which will be essential for their growth and competitiveness. This support is expected to include a range of measures, including tax incentives, subsidies, infrastructure improvements and easier access to credit. Together, these initiatives will strengthen the ability of SMEs to thrive in the global marketplace.

Ensuring stability through policy continuity

Verma also emphasizes the need for stable and consistent policy frameworks. “Furthermore, consistent and stable policy frameworks will be essential to maintaining economic stability and promoting sustainable growth. By ensuring continuity in key policies, the government can provide a predictable business environment that supports investment and long-term planning. This stability will be particularly beneficial for SMEs, enabling them to navigate the complexities of the global market with greater confidence and resilience.”

A vision for sustainable development

Rahul Gupta, founder and managing partner of ValuAble, reflects on the critical period ahead. «The next five years will be crucial for our country. Over the past decade, we have witnessed proactive reforms and several policy initiatives that have significantly benefited various industries. Initiatives like Production Linked Incentive (PLI) and Atmanirbhar Bharat have paved the way for substantial growth and self-sufficiency. Looking ahead, the government should prioritize goals such as eradicating poverty, achieving zero hunger, ensuring good health and well-being, promoting gender equality, promoting economic growth, education, skills development and promoting responsible production and consumption. These goals are not only aspirational, but essential for sustainable development.

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I strongly believe that sectors such as health tech, fintech, agritech and green tech have huge potential to generate lucrative profits and solve many pressing problems facing the world today. These industries can revolutionize our approach to healthcare, financial inclusion, agriculture and environmental sustainability.”

Conclusion

The views of these industry leaders reflect a common theme: the expectation of strong government initiatives and policies that will not only support existing sectors but also open new avenues for growth and innovation. As the election results unfold, the business community remains hopeful that the new government will take decisive action to ensure India’s economic progress and global competitiveness. With a focus on stability, continuity and inclusive growth, there is collective optimism that the next five years will be transformative for the Indian economy.

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