Sanjiv Puri, ITC
Structural changes from GST and other reforms will surely bring efficiency, prosperity and opportunities. I believe GDP will be 1% to 4% higher—and be impacted by reforms, in medium and long-term as well. In my business sector of FMCG, I see only good from GST. The biggest benefit is the creation of a single, common market!! In such a dynamic market-place, prices will surely fall. But there will be good rewards for high-value addition and innovation.

We will explore opportunities in all consumer segments, be it luxury, premium or popular, as clearly seen with our biscuits. Food processing and cold value chain are becoming prominent. By this, we will bring, for example, packaged ready-to-cook shrimps, fresh fruits and vegetables, and processed foods like purees or dried foods. Pricing is not the only element—we will win customers with superior value and innovative (stand out, distinct, differentiated) offerings.

Jayant D Patil, L&T
I am delighted with "Strategic partners in defence" policy and feel it will fulfil PM's goal of MII. I am especially happy that govt has speedily added our suggestions before cabinet approval. For the first time, Govt will enter into a trust-based commitment. We are confident we can raise capital, build very complex equipment and get foreign knowledge partners on board. We will always remain an Indian entity which is able to choose new relationships as required. Also, most of the gains will be for India, be it high indigenous content or high-value addition in India.

KK Lalpuria, Indo Count Industries
A predictable rupee—backed by good inflows from FDI, etc—helps us forecast our advances. As we make-to-order, we are not so concerned about levels like Rs 60 or Rs 58. GDP growth in India and West is very good. It backs our growth projections, as we plan for 3-4 yr payback and have just expanded from 68MT to 90MT.

The new generation is spending more in the home, like bedrooms, and buying for 6 seasons rather than 3. We see larger markets but also a larger market share for our products. Since we do our own R&D, marketing, branding and distribution, we can deliver "fashion" and product range. The buyer doesn't ask us to compete exclusively on price and we keep with a simple margins policy. Regards cotton: Chinese are buying less Indian cotton, so there is plenty of stock and we plan to reduce stock levels.

Anil Agarwal, Vedanta
Our company, suppliers and employees slept peacefully through demonetisation. We had stopped using cash years ago!! Govt should open up mining to the private sector. It will fetch huge revenues, create millions of jobs and bring in modern technology. India can be a leading producer of zinc, aluminium and iron ore and be self-sufficient in gold and fertilizer.

Vallabh Bhanshali, Enam Group
India is a compelling long-term story. Disruption from demonetisation is past and market has risen to record levels. Consumption is unbelievable. GDP per capita is getting impacted. Our GST has been under-appreciated. It is the most innovative, just like Aadhar. Govt has been both corruption-free and rigorously pursuing growth reforms like the ease of doing business, digitalisation, bankruptcy law, going after black money and unclogging banks NPAs. Markets are in euphoria so I'm cautious about valuations. If we have a good monsoon, a good start to GST, good earnings by Sept, then there will be enough growth momentum to start a new investment cycle.

We are seeing mutual funds accounts grow and money come in a serious way. This needs a lot of supply of new issues so prices remain reasonable. I hope govt and all of us exploit this opportunity. Pharma companies have got into trouble with the US and until the trust cycle turns there may be more pain. IT may not be in as much stress as people think. Banking is mired on multiple fronts, yet the value is there if one is selective. There is growth in the innovative area of digital, design, automation and so on. I'm following the tech sector closely.

RC Bhargava, Chairman, Maruti
For future prosperity, India must have a robust manufacturing base, so I am pleased that Govt has taken a great many steps towards accelerating manufacturing and jobs creation. Investors, at home and abroad, are very positive.

In my auto sector, our market share is 50%, and our stock is up 200% in 3yrs. So far we have been very successful in understanding the market, with our cars and customer experience at sales and servicing. Nevertheless, massive changes will take place in autos and we have to be prepared. For example, autos are set to grow to $300B or four times in 10yrs. Customers with perhaps a very different perspective will look to buy cars—those moving from 2-wheelers to autos, and those wanting bigger and better cars. New competition is also coming. In the circumstances, I will be happy if we can maintain our share.

Our cars will always reflect today's concerns for comfort, better living and technology—so we will evolve in terms of finish, interiors and gadgets. We will certainly not lack in hybrid or electric technology—as Suzuki, our JV partner is in talks with Toyota which has the most number of patents in this field. Our forte is small cars and we are well equipped with mass manufacturing technologies

Innovation can create newer markets: Sanjiv Puri, ITC - The Economic Times Innovation can create newer markets: Sanjiv Puri, ITC - The Economic Times