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Poll results: India Inc sees no impact on reforms

Poll results: India Inc sees no impact on reforms

India Inc appeared unfazed by the poor performance of the ruling Indian National Congress in assembly elections despite the stock market falling on concerns that the economic reforms will slowdown at the Centre.

India Inc on Tuesday appeared unfazed by the poor performance of the ruling Indian National Congress in assembly elections despite the stock market falling on concerns that the economic reforms will slowdown at the Centre.

"I do not see any major change (because) of the fallout of election results...I look forward to have more investment and growth-oriented Budget. Poll results, I think, will not reflect any negative impact on the 2012-13 Budget next week", CII Director General Chandrajit Banerjee said.

Ficci President KV Kanoria said, "Keeping the poll results in mind, we urge the government to take very bold steps on reforms because people want progress and development for the country."

Expressing similar views, Assocham President Rajkumar Dhoot said, "We hope the ruling UPA coalition at the Centre will respond positively and constructively to the people's aspirations, and push ahead with second generation of reforms expeditiously".

While the industry leaders, on record, expect the reforms to continue, there are apprehensions that the Congress-led UPA may not be able to push through the economic agenda in view of the poor showing of the party in the polls. The BSE Sensex dropped by 190 points on these concerns.

In the assembly elections in five states the Congress has done well only in north eastern state Manipur. While the Samajwadi Party will form the government in northern state Uttar Pradesh, Shiromani Akali Dal-BJP alliance has retained power in Punjab with a clear majority.

BJP is all set to form government in tourist state Goa and Congress and BJP are almost equally matched in hill state Uttarakhand.