With the Indian industry hailing the pounding triumph by Congress-led United Progressive Alliance (UPA), Federation of Indian Chambers of Commerce and Industry (FICCI) said that it was a step in the right direction - explicitly underlying stability, growth, continuity and economic prosperity under the headship of Prime Minister Dr. Manmohan Singh.

The FICCI President Harsh Pati Singhania said that the massive mandate in favor of the UPA, demonstrating the electrorate's high level of maturity, was an upbeat indication for both the country's democracy as well as the world.

Singhania said that with the UPA government at the helm, reforms can be expected in sectors like pension, banking, insurance, disinvestments, labor, private participation in defense and retail, along with the realization of the stimulus package to shove the growth rate to seven percent.

Congratulating the UPA government for its historic win, Venu Srinivasan - President of Confederation of Indian Industry (CII) - expressed gratitude to the people for voting for steadiness at the Centre, particularly in the present economic scenario. Srinivasan was hopeful that the government would focus on infrastructure for and sustained growth and economic resurgence.

D S Kandoi, CMD, K G Petrochem, said: "Dr Manmohan Singh's successive term spells a lot of good for the country. The government will not just be able to handle quicker recovery to the recession-hit economy, but also lead the country towards positive growth."