ETAuto Leaders Survey: Modi Govts 1st year gives hope for next 4 to auto industry
NEW DELHI: In what could be construed as a positive verdict for the performance of Narendra Modi govt in its first year, close to 62 percent of auto industry believes that the new government will be able to bring more reforms that can boost auto industry going forward, an ETAuto survey revealed. The survey was conducted among the top auto industry leaders in which there were close to 500 respondents. Narendra Modi-led government took up office in May 2014 after winning a historic elections with a clear majority. Given the high promises and the clear mandate, the expectations expectedly were near about stratospheric from the new government from all corners of the country. Helped by global economic turnaround, fall in global crude oil price, visible reformatory steps and being able to communicate it through media, Modi has been able to uplift the sentiments of the auto industry. Only 17 percent of the respondents thought that Modi government has not met the expectation. Rest 83 percent were of the view that the government has somewhat or completely met their expectation. The prime minister has visited numerous countries in search of foreign funding and also to promote his pet initiative Make in India. One of the biggest promises by the government was to make doing business in India much easier by reducing red tapism. 37 percent company believe that the government has been able to do this to meet their expectations whereas 45 percent were of the opinion that the government has been able to reduce red tapism only slightly. The rest, however, dont see any results to this effect. According to the auto industry heads, the biggest plus point of this government from the business point of view is its ability to attract foreign investment into the country. A whooping 94 percent of the respondents thought that this government has been either good or excellent in attracting investments into the country.