Reforms won't be affected by poll outcome: Industry Tuesday, May 11 2004 19:32 Hrs (IST)
New Delhi:
Reposing confidence in the strong fundamentals of Indian economy, industry today (May 11, 2004) projected a positive post-election outlook, saying that reform process was irreversible.
"There would be no impact on the economic reforms and any Government which comes to power at the Centre will have the opportunity to drive country's economy on a higher growth track," N Srinivasan, director general (designate) of Confederation of Indian Industry (CII) said.
Reacting to the results of Assembly election in Andhra Pradesh, which sent the stock market into tailspin with BSE sensex losing over four per cent, he said performance of Telugu Desam Party (TDP), the key ally of ruling National Democratic Alliance (NDA) at the Centre, was already taken into account in all the opinion and exit polls.
Amit Mitra, secretary general of Federation of Indian Chambers of Commerce and Industry (FICCI) said, "The message of the Andhra polls is clear. Economic initiatives in the services and IT sector should be taken in agriculture, food processing and rural industries."
He said water in the Rayalseema region should have been used for creating food processing industries and chemical clusters were needed in the port-stretch in the State.
The setback to the TDP in the polls does not mean that the electorate is against the knowledge industries, but a message for the next Government that such initiatives should continue and add to it with rural development, he added.
Associated Chamber of Commerce and Industry (ASSOCHAM) said it was too early to offer any comment saying, "We should wait for the final outcome."
