Narendra Modi
Narendra ModiReuters

India Inc has expressed happiness over the clear mandate given to the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) to form the government at the Centre, confiding that a stable government will pave the way for healthy economic growth by taking bold economic reforms.

The latest trends of the 2014 Lok Sabha elections results have revealed BJP's landslide victory over the current ruling party Congress, with Narendra Modi set to become the next Prime Minister of India.

India's top business organizations - The Federation of India Chambers of Commerce and Industry (FICCI) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) - have welcomed the clear mandate being given to the BJP-led NDA and expressed its hope for positive economic growth.

"FICCI congratulates the nation for giving a decisive mandate and felicitates Narendra Modi for leading NDA to a historic victory. A clear mandate is positive for India. It is amply clear that the country, especially the youth, wants development and good governance," Sidharth Birla, President, FICCI, said in a statement.

"The nation awaits an era of minimum government and maximum governance. Industry must be seen as a key factor in the nation's advancement by enabling efficient provision of goods and services and creation of jobs," he added.

Birla went on to say that the new leadership should restore the confidence of the investors, attract higher investments and generate employment.

ASSOCHAM President Rana Kapoor also said that the BJP-led NDA will be able to take decisive and bold decisions that will boost India's economic growth. A statement from the business organization said that it has prepared an agenda for the new government, aimed at achieving 10 percent economic growth.

"It is first time after 1984 that a single party would be able to get majority on its own giving the ruling combination a huge elbow room to take bold economic decisions which at times may appear to be not so popular," Kapoor pointed out.

"The Indian industry and the global investors have hopes on Mr Narendra Modi who has a solid track record of governance in Gujarat. We are sure with his strong, transparent and policy-driven governance, India is on way to becoming once again the much sought after destination of international investors. Our clout as a nation will only increase from here," he added.

Interestingly, Modi was against foreign direct investment (FDI) in multi-brand retail, a reform the Congress-led UPA government tried to push through, claiming that the move would affect small businessmen. However, he softened his stand in a recent interview to Economic Times, stating "our party manifesto is very clear that we welcome FDI in all sectors", if it will help create job for the youth of the country.

The BJP-led NDA is all set to form the next government at the Centre, after taking an unassailable lead over its main competitor Congress, though the counting of votes is still ongoing. From the 539 constituencies (out of 543), the BJP has already won 112 seats and leads in 171, taking the total to 283, while the Congress has won 16 and leads in 29, taking their total to 45, according to the lastest update by the Election Commission of India.