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PM Modi earns eight out of 10 in India Inc. survey on 100 days
Prime Minister, Narendra Modi has earned a ranking of eight out of 10 in an India Inc. survey done by ASSOCHAM just ahead of completion of 100 days in office with top corporate leaders finding a marked difference in style of functioning of the government with a strong focus on accountability, execution with ear-to-ground approach in a business-friendly manner.
As many 78 per cent of the 357 top industry leaders surveyed in the last one week said that the NDA Government has brought in a marked change in perception about the Indian economy among the global and domestic investors as is evident from the foreign institutional investors placing India on top of the emerging markets' pack and even going overboard on Indian equities.

Eighty three per cent CEOs, CMDs and CFOs agreed that India looks far better in broad economic parameters like GDP prospects, including the industrial output, services, exports, trade deficit, current account deficit. 

"The key fundamentals are looking pretty strong with promise to improve further taking the economic growth to the six per cent trajectory from sub-five per cent, going forward," ASSOCHAM President, Rana Kapoor said. "Inflation too is inching downward, which will pave way for reduction in interest rates." 

However, the survey found that a part of the industry which expected big bang announcements right from the word go did not get it right while a realization is dawning fast that the Modi Government has an ear to the ground showing preference for implementation rather than big time announcements without follow-up. 

"Look at the way, the PM's Jan Dhan Yojna is being implemented in a mission mode with a set target to be achieved in a fixed time. The entire banking machinery has been geared towards financial inclusion. The big difference between the old scheme and this one is the approach for achieving the targets, come what may," Kapoor, himself a renowned banker said. 

To a big majority of CEOs, 74 per cent, it has become clear by now that the Modi government will move in an incremental but decisive way given the strong mandate for five years in the May Lok Sabha elections. 

They also agreed that in the backdrop of high pitch election campaign led almost single-handedly by PM Narendra Modi, the expectations level was soaring sky in the first few weeks of his assuming office. However, his style of functioning which is rooted in getting the best out of the government machinery and on the delivery mechanism is becoming clear, giving confidence that in the next six to nine months, the economic situation will be quite different. 

"Some of the legacy issues like high corporate debts, big bank NPAs, complexities in the proposed Goods and Services Tax will be resolved in a manner which will be quite convincing, consolidating the gains of economic growth," the survey summary said.

Some of the initiatives like reaching out to neighbors in south Asia, giving economic priorities to Asian giants like Japan, China and Singapore have come in for special appreciation from the corporate leaders.  

"His visit to Japan looks very convincing as the Prime Minister goes about in a business like manner with a set agenda of seeking much larger Japanese investment in India's infrastructure projects like Delhi Mumbai Industrial Corridor, high speed railways, smart cities etc. 

However, the CEOs , 67 per cent of the ones covered in the survey, emphasized that some of the short-term and pressing problems like power shortages, debottlenecking the port capacity, coal linkages etc must be done on a top priority basis.

They also hoped that the government will be able to handle the situation arising out of the Supreme Court declaring all the coal blocks allocations illegal between 1993-2009, in a mature way, hoping that the apex court would also take a realistic way of dealing with the issue to ensure that economic losses which can run into lakhs of crores are avoided. 

"There is also an expectations that though the Land Acquisition Act may not be scrapped altogether, it would be made workable, while a similar pragmatic approach would be followed with regard to labour laws. The BJP Government in Rajasthan has set an example by moving quickly on the issue earning acclaim not only from the industry but also the workforce," the report noted.

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