According to reports, the clear mandate given by Indian voters to the opposition Bharatiya Janata Party will allow India to overhaul its infrastructure and renewable energy industries, Suzlon Energy (SUEL) Ltd. Chairman Tulsi Tanti said.
A new government headed by the BJP’s prime ministerial candidate Narendra Modi will probably introduce “major reforms,” said Tanti, who heads the nation’s second-biggest wind-turbine maker. Modi, as chief minister of Gujarat state since 2001, pioneered India’s first incentives for large-scale solar power and called for a clean-energy revolution during the campaign.
“India’s economic environment will act as a catalyst in reviving the global economy,” Tanti said in an e-mail. “The BJP-led government will provide an environment conducive for growth and investments.”
With its allies, the BJP leads in 334 of 543 seats up for grabs, more than the 272 needed for a majority and is set to win the most seats since its inception in 1980, according to the NDTV 24×7 television station. Sonia Gandhi, leader of the ruling Congress, conceded defeat as the party headed for its worst performance since India’s independence in 1947.
A Modi-led BJP administration could replicate power industry reforms accomplished in Gujarat across the nation, including separate transmission lines for wind farms and a greater thrust on clean energy, said Sumant Sinha, chief executive officer of ReNew Power Ventures Pvt., which is majority owned by Goldman Sachs Group Inc.
“An announcement of a strong development agenda in the first 100 days of governance is the need of the hour,” Sinha said. “People have a lot of expectations from the new government.”