'India Inc's business confidence high with Modi government in power'

New Delhi: The new government led by Prime Minister Narendra Modi has brought cheers to the stock market and significantly upped the business confidence of India Inc, according to a PHD Chamber of Commerce & Industry survey. The survey of 300 entrepreneurs belonging to the PHD Chamber also indicates that the momentum of doing business in India would accelerate in the near future.

"Over 80 per cent of business people reasoned that Modi's leadership spurred stock market boom and brought back confidence at higher echelon of bureaucracy for expediting decision making with his assurance that consequential after effects noticed later on in their decision taken for serving the public cause will not be subjected to scrutiny," President of PHD Chamber Sharad Jaipuria said.

Vowing to control inflation, Modi said yesterday in his address to Parliament that improving agriculture productivity through modern farm techniques and university-farmer collaboration hold the key to check price rise. Emphasising the importance of increasing farm productivity, Modi said there is a need for use of modern technique in the agriculture sector because farm land is shrinking with rising population. The Prime Minister talked about his "dreams" of ensuring the country's progress and converting the image from "scam India" to "skills India" through "cooperative federalism".

Meanwhile, The benchmark Sensex rebounded 102.32 points to end near record highs led by HDFC and HDFC Bank shares ahead of industrial output and retail inflation data releases due later today. The BSE 30-share barometer resumed higher and moved side ways in a range of over 200 points before ending at 25,576.21 -- a rise of 102.32 points or 0.40 per cent.