Market and Industry hail Manmohan Government's Victory

Notwithstanding the corruption scandal and horse trading that marred UPA government's emphatic trust vote win in Lok Sabha, the market and industry segments hailed the victory of Dr. Manmohan Singh, who has been their most favourite Prime Minister so far. Almost all industry leaders sighed relief at the government's victory and now hope that government would be able to pursue its reform agenda without any obstacles.

Left parties, who were always seen as a stumbling block in reform process, are no longer with the government, yet the government has proved its majority by a convincing margin, though by hook and crook. Industry experts always favoured the Indo-US nuclear deal and they feel relieved that it would be on fast track now. Had the government collapsed, the Indian economy would have taken a downward turn, which was not in the interest of the nation.

The BSE Sensex reacted positively to the latest development, as shares rose by more than 800 points. The BSE index reached 14,965.70 with a net gain of 861.46 points. Banking and insurance sectors registered major gains amid talks that government would pursue its reform agenda sooner than expected. The Indian Rupee too reached a seven-week high, by rising to 42.32/33 per US dollar. It was 42.73/74 per US dollar yesterday.