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Anticipation Builds for Pro-Growth Policies as India Awaits Election Results

As India eagerly awaits the results of the Lok Sabha elections, the business community is brimming with expectations and hopes for the new government. Positioned for significant economic transformation, many industries are prepared for unprecedented growth. Companies and investors are keenly observing potential policy directions that will sustain growth, foster innovation, and enhance the country’s global competitiveness.

Startups and Technological Advancements

Balu Ramachandran, Founder and CEO of OC Academy, highlights the burgeoning potential for startups. “In the past two decades, numerous startups, particularly in technology and B2B sectors, have capitalized on Indian tech talent and a cost-effective base to seize global opportunities. While India has been progressing towards becoming the world’s third-largest economy, the next five years are poised to unveil a new spectrum of startup opportunities. These will cater to Indian consumers in B2C, B2B, and deep tech sectors like AI and space tech for global markets. I anticipate substantial government policies that will exponentially increase the influence and impact of startups on the Indian economy.”

Supporting SMEs and Enhancing Trade

Ankit Verma, Indian Subcontinent Head at Air8, stresses the importance of supportive policies for SMEs and trade. “Air8 expects the new government to fast-track the establishment of trade agreements with the UK and Europe, allowing SME exporters to better compete with other major exporting nations. We foresee a significant emphasis on the digitization of trade finance, which will simplify processes and enhance efficiency. Moreover, robust government support for SMEs, including tax incentives, subsidies, infrastructural improvements, and easier access to credit, is anticipated to be vital for their growth and competitiveness. Consistent and stable policy frameworks will be essential to maintaining economic stability and fostering sustained growth. By ensuring continuity in key policies, the government can provide a predictable business environment that encourages investment and long-term planning. This stability will particularly benefit SMEs, allowing them to navigate the complexities of the global market with greater confidence and resilience.”

Revitalizing the Food Processing Sector

Sanket S., Co-Founder of Scandalous Foods, envisions transformative changes in the food processing industry. “As we await the election results, we hope the new government will prioritize integrating the food processing industry more closely with the agriculture ministry, a strategy employed successfully in other countries. This integration could mainstream the sector and attract more targeted support. We anticipate new schemes to enhance backend infrastructure, including cold chains, warehousing, and transportation. Additionally, offering input credit to the food service industry could significantly boost food processing by increasing purchases from food services. It’s also crucial to relocate street food vendors to more hygienic and designated areas under strict FSSAI guidelines, ensuring better food safety and quality. Improved implementation of MSME schemes is vital for the sector’s growth and sustainability.”

Vision for Sustainable Development and Economic Growth

Rahul Gupta, Founder and Managing Partner of ValuAble, reflects on the critical period ahead. “The next five years will be pivotal for our country. Over the past decade, proactive reforms and policies like the Production Linked Incentive (PLI) and Atmanirbhar Bharat have significantly benefited various industries. Moving forward, the government should prioritize goals such as eradicating poverty, achieving zero hunger, ensuring good health and well-being, promoting gender equality, fostering economic growth, education, skill development, and encouraging responsible production and consumption. These targets are essential for sustainable development. I firmly believe that sectors like health tech, fintech, agri-tech, and green tech hold immense potential for generating profits and addressing many pressing global issues. These sectors can revolutionize healthcare, financial inclusion, agriculture, and environmental sustainability.”

Conclusion

The insights from these industry leaders reveal a collective optimism and anticipation for robust government initiatives and policies. As the election results unfold, the business community remains hopeful that the new government will implement decisive actions to ensure India’s economic progress and global competitiveness. With a focus on stability, continuity, and inclusive growth, the next five years are expected to be transformative for the Indian economy.