Narendra Modi-led BJP posted a historic win by securing over 272 seats all by itself, boosting NDA over 330. However, the pressure has just increased on the party and on the man himself -- to live up to the expectation of the masses and fulfil their hopes.
What should be the next step, how can he boost growth and what reforms should be brought in? CNBC-TV18 speaks to a diversified panel of guests to get an understanding.
Also Read: Modi: Will work hard for the good of all
Vinayak Chatterjee, Chairman and MD of Feedback Infra, said the first major signal from the new government will be cabinet formation.
Sidharth Birla, President, FICCI, thinks the government needs to bring some ministries under the common thread to ensure smooth working.
Mohandas Pai, Chairman of Manipal Universal, sees a strong cabinet in the Modi-led government. He said that he wouldn't be surprised if Modi includes some technocrats too.
Shobhana Bhartia, Editorial Director, Hindustan Times, thinks Modi will go in for a lot of decentralization of power in the PMO. She said though the party has been able to sweep the Lok Sabha seats, they lack numbers in the Rajya Sabha and for the very reason BJP will have to give certain important portfolios to allies, who may help it in getting legislations passed.
On the probable FM candidate, Bhartia said Arun Jaitely holds a good chance.
Pawan Goenka, Executive Director & President, M&M , expects the new government to restore the virtuous cycle of economic growth. Hopeful of GST getting implemented on an immediate term, he said both DTC, and GST must be reverted to old form.
Sumit Mazumdar, President-Designate, CII, feels selection of right people should be the top-most priority for the new government. He, however, cautions that one should not expect anything major in the first 90 days.
Arvind Panagriya, Professor-Economics, Columbia University, said the new government is very much pro-reforms and would lean heavily on growth. He wants the government to hike capital expenditure to 2 percent of the GDP in the Budget.
Dianne Farrel, Executive Vice President, USIBC, expects the Modi-led government to be successful in teaming with the US as he has been "successful in reaching out to FIIs."
She said FIIs are looking for consistency and transparency from the government and the revival of stuck infra projects can send strong signal to them.
She still believes there's a room for FDI in multi-brand retail.
Sounding bullish on India, Jim O' Neill, Ex-chairman of Goldman Sachs, said nobody had expected this kind of victory. He sees a scope of re-rating if Modi-led government takes reform steps soon.
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