However, some sections of industry felt that the reforms process, started in the early nineties, was irreversible and a part of every political party's agenda.
They said there was no cause for worry despite the Left speaking out against the selloff initiative. When Left Front functionaries on Friday announced that they would not allow the divestment of government's stake in profit-making PSUs, businessmen, who were eyeing some of these units, could see their hopes go up in smoke.
"Privatisation will be affected," said OCL India Ltd president Gaurav Dalmia, who had shown an interest in acquiring the State Trading Corporation for its huge real estate assets.
"With the ideologies of the new government diametrically opposite to that of the last government, divestment is bound to be affected in the short run," added PricewaterhouseCoopers partner Deepak Kapoor.
Kapoor said he was desisting from telling anything on the issue to the firm's multinational clients, who were interested in the divestment initiative.
Most businessmen also said it was a matter of time before the
"The divestment ministry will be finished. Instead, each ministry might try to sell its stake in various PSUs," said SpiceCorp chairman Bhupendra Kumar Modi.
There is also a growing fear that the new government might go slow in opening up the retail sector to foreign direct investment. It is worth noting that while the National Democratic Alliance had said in its pre-poll manifesto that it would allow 26 per cent FDI in the sector, both the Congress and the Left parties were silent on the subject.
"The projected growth of up to ten per cent will not happen unless supply chain efficiencies are brought in. Encouraging organised distribution should be the key agenda for any government," said Harsh Bahadur, managing director of Metro Cash & Carry.
A few businessmen argued that after some public posturing, the new government and all its constituents would pursue reforms with the same zeal as the National Democratic Alliance.
"When the NDA came to power, everybody said that the pro-swadeshi line of the saffron brigade, including the Swadeshi Jagaran Manch, would derail economic reforms. But the paranoia was misplaced. Similarly, there is no cause for worry now. There are as many sound thinkers in the Congress as in the BJP," Feedback Ventures chairman Vinayak Chatterjee said.
"The reforms process, started in the early nineties, is irreversible and is a part of every political party's agenda. Whoever forms the government, we are sure they will choose the path of development and furthur the liberalisation process," Tata Steel managing director B Muthuraman said.