"Industry looks forward to a stable Government which will push forward economic reforms," All India Association of Industries (AIAI) chief, Vijay Kalantri, told PTI here today.
Earlier, Prime Minister Manmohan Singh had to obtain the Left parties' permission before taking any step but now he has the freedom to undertake economic reforms, Kalantri said.
"Reforms in the banking and pension sectors are the need of the day. There is also a need to look at labour reforms," the AIAI chief said.
"Manmohan Singh undertook bold steps during P V Narasimha Rao's prime ministership more than a decade-and-a-half ago--he should show the same zeal now," he said.
Association of Mutual Funds in India (AMFI) Chief, A P Kurian, described the UPA Government's victory yesterday as "encouraging news which ends the uncertainty of the last two months."
More From This Section
The financial sector welcomed the result, he said, adding "this would strengthen the Government and hopefully get it to undertake pension, insurance and banking sector reforms."
"In sum, the news is positive and encouraging and will contribute to the economic growth momentum. The markets have given a thumping response to yesterday's result," Kurian said.
The country's financial sector was now eagerly looking forward to further economic reforms, he added.