Policy Paralysis To Unparalleled Execution: Experts On India's Economic Transformation Under Modi
Modi, who came to power in 2014, has often been lauded by industry leaders for policies aimed at boosting India's economy and infrastructure.
Reflecting on the changes under Prime Minister Narendra Modi's leadership, market experts flag policy changes, reforms and strategic moves that have changed sectors, markets and more.
The time before Modi in the financial markets was called "policy paralysis", according to Amisha Vora, chairperson of Prabhudas Lilladher.
"Our banks were in dire state with bulging non-performing assets, and we were looking for an un-blocking of the economy," she said. The expectations were this but has been delivered is strong and tough decisions, detailed minute work and unpanelled execution, she added.
"Our banking crisis was handled, taking pain during the time when the economy was stuffed and the slew of reforms after," she said. Vora highlights that the nation's economic strength is built on permanent domestic reforms like the Goods and Services Tax and not fazed temporary international trade disputes, noting that Trump's tariffs are temporary.
She points to a number of key sectors, including steel and cement as sectors that are poised for exponential growth, reflecting a long-term, confident outlook for the Indian economy. Thanks to the reforms, she believes that the higher disposable income is set to bring in pick up in consumption and growth across sectors.
Sanjiv Goenka Spotlights Modi's Constant Efforts
Industrialist Sanjiv Goenka praised Modi's leadership and vision, describing him as the leader 'who works 24x7' and has transformed India's standing in the world.
Goenka said India today carries itself with greater confidence and global recognition. “It’s a different India. We are officially the fourth largest economy in the world and are recognised as a superpower. But most importantly, nobody can take India for granted. It’s a confident India and it’s a self-reliant India,” he said.
“PM Modi is somebody who works 24/7, who thinks about India all the time. About what he can do, what he can contribute towards India’s growth. That selfless devotion combined with awesome intellect and fantastic vision is unbelievable,” said Goenka, chairman of the RP-Sanjiv Goenka Group.
Modi, who came to power in 2014, has often been lauded by industry leaders for policies aimed at boosting India's economy and infrastructure. Goenka, too, believes Modi's focus on India's economy has been a key driver for the country. “That selfless devotion combined with awesome intellect and fantastic vision is unbelievable,” he said.
