What business leaders expect from Modi 3.0 government

After a Lok Sabha election that surprised many and stunned all political analysts and with the Modi 3.0 government in office for 12 days (as of June 21, 2024), there are great expectations from the third term of the Government led by Prime Minister Narendra Modi. The Modi 3.0 government has already drawn up a 100-day agenda, wherein it is expected to implement several key policy decisions.

Leaders from across industries and sectors are expressing their hopes and aspirations for the future under the third term of the Modi government. Their collective voices emphasize the critical need for strategic investments, supportive policies, and a focus on sustainability and innovation to drive the country’s economic and social progress. From digital entertainment to manufacturing, and from consulting to health and wellness, these industry visionaries share their perspectives on what the new government can do to help their industries flourish and contribute to a brighter, more prosperous India.

Manoj Tulsian, CEO & JMD, Greenply Industries:

“We remain positive that the government will continue to support significant growth and innovation in our industry. Our key expectations include a robust regulatory framework that fosters sustainable practices and incentivizes innovation. We want to see more investments in infrastructure that will increase the efficiency of the supply chain. Additionally, we hope for the government to provide opportunities for us to conduct business in an environmentally sustainable manner, ensuring that eco-friendly practices are not only encouraged, but become a standard across the board.

We also look forward to policies that would aid digital transformation and capacity building practices, allowing us to be at the forefront of new technologies and cultivate a skilled workforce for the future. We are optimistic that, with the right kinds of support and active participation between the many government and industry stakeholders, we can make incredible progress and strengthen our contribution to the country’s economic development.”

Darrell Fernandes, Senior Vice President, White Rivers Media:

“The digital entertainment industry is poised for a banner year, and we’re looking to the new government to be a key partner. Imagine a nationwide broadband network, empowering regional creators to reach massive new audiences. This, coupled with investments, monetary and regulatory, in cutting-edge technology like deepfake and CGI, can unlock a future of responsible innovation.

India’s recent global spotlight, hosting events like the G20 summit and Cricket World Cup, underscores the potential. With additional support for the AV/CG sector and the booming e-gaming industry, we can solidify India's position on the world stage. Think immersive experiences – imagine virtual reality concerts or interactive film narratives – that blur the lines between entertainment and reality. We’re confident that by fostering a robust digital ecosystem, the government can propel our industry to even greater heights.

The industry is poised for a future, where creators are empowered, innovation is accelerated, and storytelling is immersive. By fostering a robust digital ecosystem, the government can play a pivotal role in this exciting journey.”

Saurabh Uboweja, Managing Partner and Practice Leader, Positioning Strategy, BOD Consulting:

“The new government will have to focus on bringing the cost of living and doing business down so that growth can be more sustainable and equitable. The government needs to discover intelligently what is the right rate of growth to make that happen. It’s not necessary to grow at 8% if it comes at the cost of financial stress for households and businesses. I would like to expect prudence and systematic growth as opposed to irrational exuberance.

The government also needs to focus on improving the quality of life of citizens as a primary objective not as an add on expectation. Whether it’s the air or water we consume, the food we eat, the time we spend on the roads to get things done or healthcare or education, there has to be more emphasis on quality of everything as opposed to quantity or vanity metrics of growth.”

Karthik Kondepudi, Partner, Herbochem:

“The new government should focus on research, innovation and growth in the health and wellness sectors as its priority. We expect the Government to come up with a clear regulatory framework for the nutraceutical sector, more investments in R&D, and support for sustainable practices of the industry. Also, a quick approval procedure for the new nutraceutical product line is much needed currently.”

Sanket Shendure, Chief Product and Growth Officer, Niyogin Fintech Limited:

"We expect the new government to introduce policies that provide tax incentives and grants for fintech startups. Simplifying the regulatory framework and reducing compliance costs can significantly foster innovation. Support for research and development through subsidies or public-private partnerships will be crucial. Additionally, enhancing digital infrastructure and cybersecurity measures will ensure a robust environment for fintech growth in Bharat.

We anticipate government support in areas such as financial literacy programs, which can expand the user base for fintech solutions. Facilitating easier access to funding for startups through initiatives like dedicated fintech funds or improved access to venture capital is also essential. Additionally, we seek support in creating a more integrated financial ecosystem that promotes collaboration between traditional financial institutions and fintech companies.

Relaxing stringent KYC (Know Your Customer) norms, especially for low-risk transactions, can reduce the onboarding burden for fintech companies. Streamlining regulatory approvals for new fintech products and services will also be beneficial. Furthermore, establishing regulatory sandboxes where fintech firms can test innovative solutions in a controlled environment without facing immediate full regulatory scrutiny can spur growth and competition in the sector."

Kapil Bardeja, CEO and Co-Founder of Vehant Technologies:

"Buoyed by the 2024 elected government, there is a renewed opportunity to bolster the 'Make in India' initiative. This will significantly boost domestic manufacturing, reducing dependence on foreign products and imports, thereby enhancing national security and fostering private R&D. The focus on  barriers to free entry of China products is a crucial step in this initiative. Investments in deep-tech infrastructure will enhance operational capabilities, while low-cost subsidies and R&D grants could act as game-changers in AI and ML. Infrastructure growth is also expected to play a crucial role in the future, with significant investments planned in aviation, transport, and highways.  Continued investment in smart city initiatives and digital infrastructure is key, as it integrates the leading edge of technology into urban environments. Policy enhancements will provide valuable insights, enabling us to refine and strengthen our strategies.

As the new government is here, Vehant Technologies is optimistic about the future with the current government, ready to embrace opportunities and foster a safer, smarter, and more connected India"