US corporate sector Thursday congratulated on his "commanding victory", saying the Prime Minister has the potential to transform India and forge opportunity for all Indians.
"Congratulations to" Modi and the BJP "for a commanding victory," said Nisha Desai Biswal, president of US India Business Council (USIBC).
The Prime Minister "has the potential to transform India and forge opportunity for all Indians," she said, adding that the USIBC looks forward to work with the BJP government.
Commending Modi on his electoral success, Biswal said the first five years of Modi's government saw good progress on reforms.
The establishment of a national Goods and Services Tax, passage of the Insolvency and Bankruptcy Code, and a variety of legal and regulatory reforms catapulted India's Ease of Doing Business ranking from 142 to 77, she said.
"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," Biswal said.
A strong US-India commercial partnership will support these goals, helping India to grow into a USD 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 US-India corridor," Biswal said.
Biswal was the last diplomat to hold the position of Assistant Secretary of State for South and Central Asia in the Obama administration.
She left the position on January 20. The important diplomatic post has been vacant in the 28 months of the Trump administration.
Commenting on the election outcome, the head of a top US-based India-centric business advocacy group said that the results are "stellar and historic".
"Voters have re-elected PM Modi for economic development, inclusive prosperity and corruption free government. Results are stellar and historic," Mukesh Aghi, the president of US India Strategic and Partnership Forum (USISPF), told PTI.
"We expect bolder reforms, efficient government and massive job creation," Aghi said in response to a question, adding that the results have brought in increased confidence among the American corporate sector as it brings in stability.
Rick Rossow, Wadhwani Chair in US India Policy Studies at the Center for Strategic and International Studies think tank, said at the very least, Modi's re-election will keep some stability in US-India ties.
"We have made good progress in our defense relationship, and despite some tensions between our capitals on trade issues, our economic relationship is deepening considerably.
"These factors are unlikely to change in the near-term, assuming we can avoid any serious self-goals such as pending US sanctions regimes related to India's ties with Russia and Iran, or a dramatic worsening trade fight," Rossow said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)