WASHINGTON (TIP): After the landslide victory of BJP in the Lok Sabha election that is bringing Prime Minister Narendra Modi back into office for a second term, the U.S. Chamber of Commerce welcomed the outcome of the largest democratic exercise in history, describing it as ‘Ushering in an opportunity for global economic and strategic leadership in India.’

Nisha Biswal, President of the U.S.-India Business Council at the U.S. Chamber of Commerce, said that in 2014, Prime Minister Modi and the Bharatiya Janata Party won an election on a platform of development for all and an agenda of robust economic reform. “Over the past five years, we have seen good progress on reforms, which include the establishment of a national Goods and Services Tax, passage of the Insolvency and Bankruptcy Code, and a variety of legal and regulatory reforms which have catapulted India’s Ease of Doing Business ranking from 142 to 77. These reforms laid the foundation for India’s strong record of economic growth. Still, much remains to be done to unlock the expansive growth potential of the Indian market. With a strong mandate from the Indian people, Prime Minister Modi will have an opportunity to usher in an era of global economic and strategic leadership for India.”

“A strong U.S.-India commercial partnership will support these goals, helping India to grow into a $5 trillion economy in the next five years. USIBC believes that trade and investment between the two countries is a critical element of India’s future growth and looks forward to working with Prime Minister Modi and his team to unlock new growth opportunities across the U.S.-India corridor”, she further added.