Hopes High for Pro-Business Policies as India Awaits Election Results: Anticipating Pro-Growth Strategies Post Exit Polls

As the nation eagerly awaits the results of the upcoming Lok Sabha elections, the business community is abuzz with expectations and hopes for the new government. India stands on the cusp of substantial economic transformation, with many industries poised for unprecedented growth. Companies and investors are looking for policy directions that will sustain growth, foster innovation, and enhance the country’s global competitiveness. The insights from industry experts reflect a broad spectrum of hopes for policies that will bolster various sectors and drive India towards becoming 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 over the next five years. “Many startups in the last two decades, especially across technology and B2B sectors, have focused on global opportunities utilizing Indian tech talent and a lower cost base. India’s march towards being the world’s third-largest economy has been well underway, but the next five years are expected to unlock a whole new range of startup opportunities. These will focus on the Indian consumers across B2C, B2B, and deep tech for global consumption (AI, space tech, etc.). I expect significant government policy initiatives to magnify the scale and impacts startups would have on the Indian economy like never before.”

Boosting the Food Processing Industry

Sanket S., Co-Founder of Scandalous Foods, envisions a stronger focus on the food processing sector. “As we anticipate the upcoming Lok Sabha election results, we hope the new government will prioritize the food processing industry by integrating it more closely with the agriculture ministry, as seen in many other countries. This could help mainstream the sector and drive more targeted support. We expect the introduction of more schemes aimed at enhancing backend infrastructure, including cold chains, warehousing, and transportation. Additionally, offering input credit to the food service industry would provide a significant boost to food processing by increasing purchases from food services. It is also crucial to place street food vendors in more hygienic and designated locations under strict FSSAI adherence, ensuring better food safety and quality. Improved implementation of schemes for MSMEs is vital for the sector’s growth and sustainability.”

Enhancing Trade and SME Competitiveness

Ankit Verma, Indian Subcontinent Head at Air8, underscores the importance of trade agreements and SME support. “Air8 anticipates that the new government will expedite the implementation of new trade agreements with the UK and Europe, enabling SME exporters to better compete with other major exporting nations. We foresee a significant push for the digitization of trade finance, which will streamline processes and increase efficiency. Additionally, we expect robust government support for SMEs, which will be vital for their growth and competitiveness. This support is anticipated to encompass a range of measures, including tax incentives, subsidies, infrastructural improvements, and easier access to credit. These initiatives will collectively bolster the ability of SMEs to thrive in the global market.”

Ensuring Stability Through Policy Continuity

Verma also emphasizes the need for stable and consistent policy frameworks. “Moreover, consistent and stable policy frameworks will be essential in 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 be particularly beneficial for SMEs, allowing 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 the Production Linked Incentive (PLI) and Atmanirbhar Bharat have paved the way for substantial growth and self-reliance. As we look ahead, 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 not just aspirational but essential for sustainable development.

I firmly believe that sectors like health tech, fintech, agri-tech, and green tech hold immense potential for generating lucrative profits and addressing many of the pressing issues our world faces today. These sectors can revolutionize our approach to healthcare, financial inclusion, agriculture, and environmental sustainability.”

Conclusion

The insights from these industry leaders reflect a common theme: the anticipation of robust 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 actions to ensure India’s economic progress and global competitiveness. With a focus on stability, continuity, and inclusive growth, there is a collective optimism that the next five years will be transformativ for the Indian economy.