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Indian Business Community Welcomes Second Term of Manmohan Singh

DUBAI — Indian business leaders in the United Arab Emirates widely welcomed the election of Manmohan Singh, an economist by profession, to a second term as the premier of India.

Singh appeared set for another term as the ruling coalition United Progressive Alliance, or UPA, led by the Indian National Congress, took a decisive lead in vote counting on Saturday after month long parliamentary elections.

The businessmen and bankers said that people of India have voted for peace, stability, growth, development and good governance.

Below are the reactions from Indian expatriates in the UAE:

Rizwan Sajan, Chairman of Danube:

With the fear of a fractured verdict and potential mid-term elections now out of the way, the country can continue its agenda of good governance, inclusive growth and increase in employment. Given the economic turmoil the world is in, the verdict of a UPA government should come as a big relief to India Incorporated.

Reforms and economic policies, which were deliberately scuttled will now see the light of the day. It’s clearly a vote for stability and continuity.

It’s now up to the new political team to respect this mandate and revitalise the economy and continue the path of good governance.

Sanjay Uppal, Chief Financial Officer of Emirates NBD:

Continuity of Singh premiership is very positive at the time when the world is going through the economic turmoil and he is the best choice as Singh is an economist. The policy of UPA has been effective in India at the same time so the balance has been we expect will be continue.

Privatisation process had already started and it would continue to stay on the radar. We are also eagerly looking for the opening of banking system.

Sudhir Shetty, Chief Operating Officer for Global Operations of UAE Exchange:

Singh wanted a lot of steps to be taken in terms of privatisation along with the globalisation and investment to the various sectors, which was probably not possible without the cooperation of the left. In the past tenure he could not probably do a lot and this tenure all critical decision will be taken in this regard.

Privatisation went ahead with very minimal in terms they wanted to take. A lot of privastisation work still needs to be done.

There is a lot of work to be done for infrastructure, which is not possible without the help of private sector.

Harshdeep Munjal, Chief Marketing Officer of Dubai Bank:

This are the best results that the people of India could have possible hope for. The Cong and UPA has a platform of all inclusive economic development which is ideal for India.

On the social front, India desperately needed a strong secular party at the centre which is now been achieved. Now the sky is the limit for this country.

Sunil Gudur, General Manager of Al Gurg Paints:

First of all hats off to the great Indian Democracy for staging yet another free and fair elections. Secondly it is good news that the UPA alliance appears set to return to power. It reflects the desire of Indians for stability and continuity of an incumbent government so that some of the long-term policy decisions bear fruition.

Thirdly the Indian business Diaspora both in and outside India will also be happy as it would mean that the existing environment which has been business-friendly will continue. That the Sensex is over 12,000 points itself is a good barometer of the business sector’s sentiment!

Kirit Kanakiya, Chairman of India’s BSEL Infrastructure Realty Limited:

As a business house, we welcome the verdict given by the Indian public. This verdict should bring economic stability, continuity of government policies, concluding certain unfinished agenda such as nuclear deal and ensuring overall growth across sectors.

Now that the world’s largest democracy has finished its great political circus, it’s time for business for all. The litmus test begins now and India will have put its head together to fight recession and emerge winners.

Raj Shetty, Chairman and Managing Worker of Ramee Group of Hotels and Resorts:

The clean sweep of the Congress is good for the country and its economy as the party has already proved in its last tenure.

We are lucky and happy as the Congress is back. As the Singh is an economist, he will help to stabilise the country in a better way.

Sunil John, Chief Executive Officer of Asda’a Burson Marsteller:

A congress party led Government is indeed good news for the stability of the largest working democracy in the world.

Having said that, I believe, its not going to be an easy ride for the new Government. They have to deliver the needs of the growing and aspirational middle class, which has the power to make and break governments.

· abdulbasit@khaleejtimes.com