With just a few hours left for the final election verdict to be out, the tides are in favour of Narendra Modi-led NDA government, who is set to retain his reign for the second time.  

Though the official announcement of the results is yet to be made, the BJP is presently leading the race with 292 seats during the early phase of counting, and if this surge continues, BJP would come back to power with even stronger results, as compared to 2014 where BJP won by f won 282 seats in majority out of 543. This also reinforces the fact that the Exit Polls 2019 were correct.

While Modi contested from his 2014 seat in Varanasi and is presently leading the race by an impeccable one lakh votes, Rahul Gandhi who fought from his strong of Wayanad and Amethi, he is likely to witness a set back in the Amethi, as he would be trumped by Smriti Hirani.

Modi 2.0 – What It Will Mean For Indian IT Sector

With NDA poised to return stronger than before, the India IT sector is upbeat about the Modi’s comeback and key players are optimistic that the sector will witness an upward growth during the next five years.

The effect of which as seen in the Indian stock market, as it surged by nearly four per cent post the announcement of exit polls which predicted an easy win for NDA. A day after the exit poll announcement, NIFTY gained 421 points, its biggest one-day gain since 2009 and the market witnessing a spike in buying interest in banking, technological and infrastructural solutions.

Speaking on the importance of cabinet birth announcements and policy change,  Dhiraj Relli, MD & CEO, HDFC Securities reportedly shared, “Over the next three days, markets could look up to corporate results and/or global developments. For a large change in inflows, key cabinet berth allocation and initial policy announcements will be keenly awaited.”

Reflecting on the NDA’s key policies, an edtech founder shared that the return of the government will enable the growth of India’s local talent but he stated that the government needs to focus on reskilling of the youth.

The Indian tech entrepreneurs believe that the current government will continue its progressive policies. The Indian economy is growing at a very fast pace and corporations of the world do not want to miss out on this opportunity. To provide them with a relevant workforce, IT leaders are urging a Skilling Allowance for all tax paying individuals.

Though India’s startup ecosystem has seen increased growth in the last few years, key players in the field believe that more needs to be done to make the environment conducive for their growth.

“The Indian start-up sector have already been ignited in the past five years with favourable policies around taxation and investments. But active government involvement is the need of the hour to resolve challenges such as unemployment, and funding for the growth of the industry and the economy at large,” points out Juergen Hase, CEO, Unlimit, a startup that focuses on IoT solutions.

While Rajan Sharma, Founder and CEO, Excess2Sell said that the present policies need to be continued in the coming years for it to be successful, “I believe corporate India, especially new age technology-based businesses like ours welcome the incumbent Government to carry on for one more term. The actual benefits of the various tough economic measures which the Government took in the first term will start yielding results now. The direction which India has taken vis-à-vis the world needs continuity. Look forward to the Government’s continued push to digital, e-commerce economy.”

Tech leaders also reinforced that SME and startups require support from the government’s end to grow and thrive in the overseas market, which is presently entangled in visa struggles to trade war narrative.

Among the tech sector, however, some believe that political outfits wouldn’t have a significant bearing on the growth of IT sector beyond a point.

Stating that tech sector is one of the key areas of focus for governments across the country, K.S. Viswanathan, vice-president, industry initiatives at Nasscom, said that no administration can negate its importance as they recognised the value of the Indian technology industry, and including the contribution to GDP, revenues, jobs, skilling, and technology implementation to solve social problems

 

The post Lok Sabha Election Results 2019: India’s Tech Industry Is Upbeat About Modi’s Return To Power appeared first on Analytics India Magazine.