India Inc is confident that under the leadership of Prime Minister Narendra Modi, the country will be steered to greater heights, maintaining the fastest pace of growth among the major economies of the world, Assocham said on Monday.

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The country's apex industry chamber hailed the swearing-in of PM Modi for the third consecutive term, saying India would go from strength to strength, gaining further stature in the global rankings, powered by inclusive and sustainable economic growth for the next several years.

Assocham Secretary General, Deepak Sood, said the Indian industry and global investors are feeling reassured of fast and bolder reforms well beyond the economy, touching upon wider governance, quality and ease of living and leveraging upon the aspirational young population.

"We have been listening to your messages carrying conviction of bold measures for taking India to the next level of development," Sood said in a statement.

Assocham President Sanjay Nayar said PM Modi has rekindled the national resolve to become the third-largest economy, "even as we have already become the fifth among the top economies of the world".

"The entire ecosystem of industry, trade and financial markets are re-energised with the beginning of new innings," Nayar noted.

The industry body made a firm resolve to extend full support to the government towards nation building, leveraging the aspiration of young population with the median age of 28, industry-government partnership and driving the next phase of development with innovation and technology.

"We are looking forward to the forthcoming regular budget of the new government, which should serve as clear policy directions and priorities of the NDA government,'' Nayar said.