As the results of the 2024 Lok Sabha Elections were declared on 4 June, India Inc reacted positively, expressing optimism for the country’s future development. Industry players from various sectors shared their perspectives on the promising outcomes and their implications for business and economic growth.
Sajjan Jindal, Chairman & MD, JSW Group shared on social media, “Very difficult to gauge the mood of the public in a vast country like ours. This is amply clear from today’s numbers! What we are witnessing today is something nobody expected and showcases how a democracy of our size functions."
Retail Sector
Himmath Jain, Co-founder and Director, AS-IT-IS Nutrition noted that the 2024 Lok Sabha election results ensure political stability, which is promising. “The ruling party's mandate implies a steady economic environment and continued support for business-friendly policies. We anticipate the government will fulfil its promises of boosting the nutrition sector, enhancing regulatory frameworks, and supporting digital commerce. This stability allows us to focus on growth, innovation, and expanding our reach to health-conscious consumers across India. With consistent policy support, we can expect to thrive, contributing to the nation's broader goals of improving public health and promoting wellness."
Raj Kumar Jain, Managing Director, Bonjour added to the sentiments and said, “The outcome of the Lok Sabha Election 2024 underscores the dawn of a new era for the retail industry in India. It is an opportunity to create a profound impact on consumer confidence, market dynamics, and regulatory frameworks. The retail sector could see a surge in demand for eco-friendly products, with policies favouring sustainability by integrating environmentally responsible practices. The reinforcement of such initiatives could create a sustainable future and sustain the growth of the retail industry."
Staffing Solutions And Recruitment
Nilesh Dungarwal, CEO and Co-Founder, WorkIndia said that the 2024 Indian elections have put a spotlight on the blue-collar workforce, emphasising its vital role in the nation’s economic framework. “Recent trends show a resurgence in demand for blue-collar jobs across sectors like logistics, construction, real estate, tourism, and hospitality. The focus going forward is on improving skill development, ensuring fair wages, and providing better working conditions.”
RP Yadav, CMD, Genius Consultants also added by saying, “2024 Indian elections are pivotal for the recruitment HR services industry. The BFSI sector is expanding significantly, especially in smaller cities, driven by increased demand for financial products and services. This growth is supported by technological advancements like AI, ML, blockchain, and cybersecurity, reshaping recruitment with a focus on digital skills and hybrid roles. Overall, the 2024 elections could significantly influence policies supporting technological integration, talent acquisition, and inclusive growth across these sectors, fostering a dynamic and equitable employment landscape in India."
Real Estate
Aditya Kushwaha, CEO and Director, Axis Ecorp opined that the decisive election results demonstrate the strength of India's democracy and the people's faith in the leadership. “We are optimistic that the new government will continue to prioritise the real estate sector, a critical driver of economic growth. With a focus on infrastructure development and tourism, we are confident that the real estate sector will play a pivotal role in building a prosperous and developed India by 2047."
Amrita Gupta, Director of Manglam Group and Founder President of CREDAI Rajasthan Women's Wing added to these sentiments and said, “Democracy is the clear winner in the results of the General Elections 2024. As the world’s biggest election comes to a close, we are hopeful that the new Government will continue to focus on strengthening the Indian real estate industry. Initiatives like Housing for All and PMJAY propel the real estate sector to play a critical role in building a Viksit Bharat in the long run. We are also hopeful that the new Government will consider reducing GST rates in the industry for the end-consumer so that more people can realise the dream of owning a home. We also expect continuity in the policies related to Women and their role in economic growth."
Tejas Patil, Founder of Arbour Investments, asserts that the 2024 Indian general election results are poised to significantly impact the real estate sector. “A stable government with a pro-business stance is expected to drive growth through new large-scale projects and increased investment. Knight Frank reports the sector could grow by 15 per cent annually over the next five years, fueled by government initiatives and rising housing demand. The sector anticipates further benefits from affordable housing, improved infrastructure, and moderated GST on building supplies, with the Affordable Housing Scheme targeting 20 million homes by 2025. Enhanced financing options and credit availability are also expected to boost demand. Investors are advised to focus on sustainable growth sectors, with Delhi-NCR, Mumbai, and Bengaluru projected to lead in real estate growth.”
As the election dust settles, the business community is united in its hope that the new government will foster a conducive environment for continued economic progress and development across all sectors.
