New Delhi: Indian industry on Sunday lauded the latest cabinet reshuffle by Prime Minister Narendra Modi describing it as "carefully strategised" to provide fresh impetus to the Indian development process.
"The elevation of new cabinet ministers and induction of new ministers with independent charge in crucial infrastructure sectors is designed towards implementation and achievement of key targets," Confederation of Indian Industry (CII) President Shobana Kamineni said in a statement in New Delhi.
"Overall, the direction of the reshuffle inspires confidence that the path of reforms, ease of doing business and timely implementation will continue to be top priority. This is vital at a time when the GDP growth has been flagging," she said.
CII noted the various reforms undertaken by the government such as the Goods and Services Tax (GST), tackling banks' non-performing assets (NPAs), or bad loans, introducing the Insolvency and Bankruptcy Code, and placing major emphasis on transport and power infrastructure.
Industry chamber ASSOCHAM said the reshuffle reflected Modi's renewed focus on performance and achieving the targets set for each of the vital ministries.
"A full time Defence Minister, that too a woman for the first time, would give a focus on the programmes like Make in India in strategic sectors of the country," said Assocham President Sandeep Jajodia.
He expressed the hope that "more and speedy measures are implemented to revive the private investment so that the industrial activity gets a revival boost".
Sunday's cabinet reshuffle by Modi indicates that the major economic ministries have performed well over the last three years and their ministers in-charge have been rewarded.
The previous Commerce and Industry Minister Nirmala Sitharaman has been elevated to cabinet rank in recognition of her work and has been made the new Defence Minister. Her place has been taken by Suresh Prabhu who resigned as Railway Minister on Sunday.
Petroleum Minister Dharmendra Pradhan has been elevated to cabinet rank
Former Power, Coal and New and Renewable Energy Minister Piyush Goyal was also elevated to cabinet rank and made the new Railway Minister.
Goyal has been replaced by newly inducted Minister of State Raj Kumar Singh, who is Lok Sabha member from Arrah, Bihar. A former IAS officer of the 1975 batch, Singh has also served as Union Home Secretary.