As PM-elect Narendra Modi is set to form the next government at the Centre, industry leaders on Saturday extended their heartiest congratulations to him, saying they look forward to stability, consistency, and effectiveness in governance to take the country closer to 'Vision@2047'.

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PM-elect Modi is slated to take oath as Prime Minister, along with his Council of Ministers, for the third time at 7.15 p.m. on Sunday.

Lt Gen SP Kochhar, DG of the Cellular Operators Association of India (COAI), said the new government will steer the next phase of growth and strengthen the continuity in policy and reforms.

The government was earlier instrumental in implementing critical structural reforms for the telecom Industry, a lifeline for the digital economy to function and grow.

"We look forward to working with the new government, alongside all our stakeholders, to fulfil our nation's aspirations and work towards building a digital society that will pave the way for a developed Bharat," Kochhar said in a statement.

Atul Arya, chief energy strategist at S&P Global Commodity Insights, said India's rapid economic growth will be underpinned by a multidimensional energy transition -- with strong demand growth for oil, gas and renewables.

"With this win, we can expect policy continuity.

It will present new investment opportunities for both domestic and international investors," Arya noted.

According to Anku Jain, Managing Director, MediaTek India, the government has proactively promoted the adoption of innovative technologies to create significant societal and economic impact.

At the NDA meet on Friday, PM Narendra Modi was elected as the leader of the Lower House, BJP and the NDA Parliamentary party.

Lt Gen AK Bhatt (retd), Director General of the Indian Space Association (ISpA), said the radical step by the government to enable private players participation in the space industry was a stepping stone to embark upon India's historic journey towards boosting the space economy.

"With the new government, the private industry in India is yet again excited with the prospects that the future holds for us as it will give a unique leverage to Indian startups and companies to innovate and excel in the emerging landscape of space," he noted.

The previous tenure of this government has been specifically rewarding for the Indian electronics manufacturing industry, which witnessed path-breaking initiatives in the form of PLI, taxation benefits to boost indigenous manufacturing and development of the entire ecosystem of electronics manufacturing.

"The push towards establishing a manufacturing base for semiconductors is also a visionary effort which has the capability to encompass and support the entire electronics manufacturing ecosystem in India and we have already seen major global players in the process of establishing their facilities here which is significant," said A. Gururaj, Managing Director, Optiemus Electronics.