The 100th day of Narendra Modi’s reign as the Prime Minister of India is yet to come but the Indian business fraternity has begun believing that it may only be a matter of time before the economy gets back on its feet yet again. A majority of the corporate head honchos are gearing up for the supposed revival by getting ready to make new investments as well as recruit more people. However, what they want now is for the Prime Minister to come good on the dreams that he has shown the people of India – ones which have contributed to his present standing within India and global politics.
Indian corporate sector pins hopes on Modi
All the CEOs of major enterprises in India are now anticipating that in the next 3 years India’s GDP would grow at a rate of 6 to 8%. They feel that with the way things are heading this might not be an unrealistic target. In the last few years Indian economy has been plagued by lack of affirmative action from the companies who have shied away from taking big steps because they were apprehensive about the condition Indian economy was in. However, all that seems likely to change in the days to come.
It also seems from the events that have unfolded in the corporate sector that the actions – especially ones that are taking the big decisions – may be bearing the intended fruit. Some of these companies are experiencing a surge in the demand for their products and services. Ever since Modi has achieved his present status there has been an air of positivity in the corporate circle and this can be gauged from the fact that the corporate heads have praised him and attributed what they see as progress to the policies initiated by the incumbent PM.
However, there is still a clutch of people associated with the world of finance who feel that the Modi administration has failed to live up to the expectations the corporate sector. The ones in favour feel that several good decisions have been taken in the interim like the ones pertaining to FDI in critical sectors such as defence, railways and insurance. Modi has also attached a fair amount of priority to the creation of jobs and this has been praised by the corporates as well.
The Indian Government has decided to give more importance to increasing skill levels rather than indulging in subsidies and doles. There has been more focus on roads in rural areas and highways. It has also aimed to improve the infrastructure at the ports and in the railways and create new smart cities and place greater emphasis on exporting products manufactured in India. Even the stock markets have been performing comparatively better than before. In spite of the mostly positive opinions they do acknowledge the fact that much more work needs to be done.
Rajnath Singh faces trouble within BJP
In the last couple of days there had been some reports stating that Rajnath Singh may see his authority reduced a la Lal Krishna Advani and Murli Manohar Joshi. It had been stated that this could have been the handiwork of the Prime Minister’s Office and supposedly all this was being done without attracting much attention as such. However, both Narendra Modi as well as Amit Shah, his trusted aide and the present head of the BJP, have come out with statements that have effectively put all such rumors to rest and assured one and all that the senior politician from Uttar Pradesh remains a crucial part of the political outfit’s plans in the days ahead.
Rajnath, who has previously served as the Chief Minister of the state he hails from, had been an important reason for the success achieved by the party in the recent elections. It was he who helped Modi become the head of BJP’s campaign committee and then its prime minister-in-waiting. With the recent statement both Modi and Shah may have attempted to do away with the feeling of lack of trust that may have been there among the top leaders in the party especially going by the events of the last couple of days.
As would be normal for any political entity, the BJP has proceeded to rubbish the reports that have claimed the decline of Singh’s importance within the party. It also needs to be remembered in this context that during a party conclave that had been organized in Delhi during August, Modi had referred to Rajnath as the captain who led the party to the astounding win in the recently concluded assembly polls.
In fact, the Indian Prime Minister has reacted in a rather strong way to the allegations surrounding Rajnath saying ones partaking in such baseless rumors were actually doing a great disservice to the country itself. He has also stated that all this was basically portraying a wrong image of the Central administration. In his statement, Shah has also reiterated Modi’s words in a way by being effusive in praise of the role the beleaguered leader played in BJP’s success in the 2014 assembly elections. He stated rather clearly that Rajnath Singh is a major leader of the party.
However, the saying goes that there is no smoke without fire. It is very convenient to decry something that appears in the media as unsubstantiated and full of malice but the question is why would more than one media entity provide the same news if it lacks authenticity. Of late, the party at the Centre has faced some rough weather especially with the way battle-hardened veterans like Advani and Joshi have been treated. What the party needs to do now is to recognize the role played by the stalwarts in getting them to where they are now and behave accordingly.
Economic indicators
| Indicators | Value | Rise/Fall |
| SENSEX | 26560.15 | 117.34 |
| NIFTY | 7936.05 | 31.30 |
| Rupee/Dollar | 60.45 | 0.01 |
| Gold | 27,784.00 | -111.00 |
| Silver | 41,955.00 | -30.00 |
| Crude oil | 5,682.00 | -16.00 |
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