India Inc welcomes Narendra Modi's nomination as BJP's prime ministerial candidate
MUMBAI | NEW DELHI: India Inc welcomed Narendra Modi's nomination as BJP's prime ministerial candidate on the strength of his track record in transforming Gujarat, although some wondered whether it would be possible to replicate the model across the country.
"It's advantage BJP. They have scored a point," said TV Mohandas Pai, chairman, Manipal Global Education.
Nirmal Jain, chairman of India Infoline, said the development makes the upcoming election more interesting. The positive response to a Modi candidacy had been clearly anticipated in last week's ET Confidence Survey of 100 leading CEOs. Almost three-fourths of those polled said they wanted Modi to be India's next prime minister, reflecting Corporate India's wish for a strong and decisive leader. In contrast,Rahul Gandhi got the backing of just 7%.
The Bharatiya Janata Party (BJP) overruled senior leader LK Advani in naming the Gujarat chief minister as its prime ministerial candidate for the next general election. "It's good news for the country. Modi has done a good job for Gujarat. Hopefully, he will replicate the same in the rest of the country," said Gautam Singhania, CMD of Raymond LtdBSE 3.20 %.
Many top CEOs and industrialists declined comment, but those that did praised the choice.
ICICI BankBSE -1.10 % Chairman KV Kamath lauded the Gujarat development model without going into the politics of the matter. "I would like to look at the economic aspect, without really looking at the political construct," he told ET NOW. "Clearly, the Gujarat model is something that we can be proud of... certainly can be proud of... I can't see why it can't be replicated because other chief ministers are trying to understand and build on it."
Rana Kapoor, founder and managing director of YES BankBSE 0.00 %, said that if the Gujarat model of governance with industrial and economic development sustained over almost a decade-and-ahalf can be migrated to other parts of the country and applied to reforms management, which is the need of the hour, it could augur well for the country.
Gujarat's development model has been lauded for consistently delivering high growth and low unemployment. A number of domestic and international companies have poured money into the state's economy, lifting and transforming Modi's profile across the country.
"Gujarat hasn't been this way all this time. Modi has come in and has focused on various fronts, one of the areas he has been very successful is rooting out corruption," said Kiran Mazumdar Shaw, chairperson and founder of BioconBSE -1.55 %. "He had focused on very innovative policies for the state, so I am sure he wants to replicate it at the national level."
Some brokers and market experts were more bullish, saying the markets could get excited by BJP's choice. "Modi may completely change the equation in the forthcoming general election," said CJ George, CEO and managing director of Geojit BNP Paribas Financial ServicesBSE 0.83 %. "Markets will get excited by Narendra Modi's appointment as they see him as a man of vision and action."
Jain of India InfolineBSE 1.43 % said that Modi's elevation has already been factored in by the market and the next trigger could be if he promises a stable government ahead of elections.
"It's advantage BJP. They have scored a point," said TV Mohandas Pai, chairman, Manipal Global Education.
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The Bharatiya Janata Party (BJP) overruled senior leader LK Advani in naming the Gujarat chief minister as its prime ministerial candidate for the next general election. "It's good news for the country. Modi has done a good job for Gujarat. Hopefully, he will replicate the same in the rest of the country," said Gautam Singhania, CMD of Raymond LtdBSE 3.20 %.
Many top CEOs and industrialists declined comment, but those that did praised the choice.
ICICI BankBSE -1.10 % Chairman KV Kamath lauded the Gujarat development model without going into the politics of the matter. "I would like to look at the economic aspect, without really looking at the political construct," he told ET NOW. "Clearly, the Gujarat model is something that we can be proud of... certainly can be proud of... I can't see why it can't be replicated because other chief ministers are trying to understand and build on it."
Rana Kapoor, founder and managing director of YES BankBSE 0.00 %, said that if the Gujarat model of governance with industrial and economic development sustained over almost a decade-and-ahalf can be migrated to other parts of the country and applied to reforms management, which is the need of the hour, it could augur well for the country.
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"Gujarat hasn't been this way all this time. Modi has come in and has focused on various fronts, one of the areas he has been very successful is rooting out corruption," said Kiran Mazumdar Shaw, chairperson and founder of BioconBSE -1.55 %. "He had focused on very innovative policies for the state, so I am sure he wants to replicate it at the national level."
Some brokers and market experts were more bullish, saying the markets could get excited by BJP's choice. "Modi may completely change the equation in the forthcoming general election," said CJ George, CEO and managing director of Geojit BNP Paribas Financial ServicesBSE 0.83 %. "Markets will get excited by Narendra Modi's appointment as they see him as a man of vision and action."
Jain of India InfolineBSE 1.43 % said that Modi's elevation has already been factored in by the market and the next trigger could be if he promises a stable government ahead of elections.
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