New Delhi, May 16: Corporate India has already drawn up its wish list for the new UPA-led government that will be formed at the Centre.

The Federation of Indian Chambers of Commerce and Industry (Ficci) said it would like the new government to introduce reforms in pension and insurance and open up retail and banking to greater foreign investment, besides providing tax sops.

“The theme of what we will formally present to the government will seek to get economic recovery and a 9 per cent growth trajectory back on track,” Ficci president Harshpati Singhania said.

The business lobby, which termed the UPA’s victory in the Lok Sabha elections as “vote and victory for stability, growth and economic progress”, said it would soon present a 100-day agenda to the government.

Prime Minister Manmohan Singh has already spoken of a 100-day agenda and officials are believed to be working on one.

The wish list, which will focus on economic reforms, will seek to stimulate growth and consumer spending to help the economy recover from the slowdown.

“India Inc expects the new UPA government to pull out all stops and unleash a slew of reforms in pension, insurance, banking, labour, defence and retail,” said Singhania.

The UPA government, which depended on Left support for over four years during the previous term, could not bring about reforms in the areas of pension and insurance.

The Pension Fund Regulatory and Development Authority Bill, introduced in the Lok Sabha in 2005, could not be passed. However, the government tabled the insurance reforms bill in the Rajya Sabha towards the end of its tenure to keep the draft legislation alive. The bill seeks to raise the FDI cap in insurance from 26 per cent to 49 per cent.

Bankers, too, welcomed the poll verdict. They said the return of the UPA would help push economic reforms, particularly divestment in PSUs. “The electorate has been sensible. Less dependence on allies will help to form a stable government. The continuity of the UPA government is expected to push economic reforms,” said HDFC chairman Deepak Parekh.

The Confederation of Indian Industry (CII) expects the process of forming a government to be quick this time.

“It is a decisive victory. What the country needs is stability and not uncertainty. There will be a quick formation of the government which is significant for the country and the economy,” said Chandrajit Banerjee, director-general of the CII.

Assocham president Sajjan Jindal said the government’s flagship job guarantee programme seemed to have had a great impact in favour of the UPA. “The electorate has favoured the UPA for its Bharat Nirman initiatives which is intended to narrow the urban-rural divide in terms of infrastructure,” Jindal said.

Industry leaders said the UPA’s decisive win was a verdict in favour of the continuity of the Manmohan Singh government. UB group chief Vijay Mallya said the victory of the Congress-led coalition “is a vote for stability. The UPA need not worry about hotch-potch partners. The Congress can clearly pursue its policies without the need to convince the Left”.

Bengal view

Industry in Bengal is divided over the mandate in favour of the Congress-Trinamul Congress combine in the state. “Prospective investors will wait till the Assembly elections of 2011. Political stability, which was a great plus for the state, has now gone,” said an industrialist.

However, some hoped that Trinamul Congress would get key ministries at the Centre. “Hopefully, some projects will move,” another industrialist said, adding that the state government had failed to deliver on industrial agenda so far.