Prime Minister Narendra Modi, is known for his rapid decision-making and promoting the urgent need to invest. Indian and international trade associations, institutions and companies feel that the recent Lok Sabha election has led to the formation of a government which would strive for quick economic recovery.
Amit Gossain, President of the Indian Construction Equipment Manufactures’ Association (iCEMA), is optimistic: “We have a lot of hope from the new government which we are sure will work hard to ensure projects of national importance are on the ground very quickly. This will be good for infrastructure, for the equipment industry and of course for India.”
Raman Joshi, Vice President and General Manager for Asia-Pacific at Manitowoc Cranes, has observed: “In an election year there is always uncertainty. Now that uncertainty is over we can look ahead to some prospective developments that we hope will have a positive effect on our industry. With Mr. Modi’s strong background in economic development, infrastructure and creating a business-friendly atmosphere, we hope he will be able to drive through the necessary changes to push the Indian economy to the next level.”
Said Sushanta Kumar Basu, President of the Builders’ Association of India (BAI): “Though the growth rate has stabilized recently, the initiative proposed by the new Government will certainly rejuvenate the Indian economy to greater heights”.
As Johann Sailer, Chairman of the Association for Construction Equipment and Building Material Machines in the German Engineering Federation (VDMA), confirms, the German market is also very positive about the results of the election: “This is the first time since 1991 that a party has won an absolute majority, so the prospects for stability are quite promising. For now, that is having a positive effect on construction-equipment and building-machine manufacturers who do business in India. We are hoping that India will recover now. Prime Minister Narenda Modi is considered business friendly, and expectations are high.”
In other words, the outlook for the industry and, therefore, for the BAUMA CONEXPO SHOW – bC India, scheduled at the India Expo Centre in Delhi during December 15-18 is very positive.