Praising the swearing-in of PM Modi for the third consecutive time, the country's top industry chamber said that India will gain further strength in the global ranking on the basis of inclusive and sustainable economic growth for the next several years.

ASSOCHAM Secretary General Deepak Sood said Indian industry and global investors are feeling reassured by the fast and bold reforms beyond the economy, comprehensive governance, quality and ease of living and taking advantage of the aspirational young population.

"We are listening to your message of taking bold steps to take India to the next level of development," Sood said in a statement.

Assocham President Sanjay Nair said PM Modi has rekindled the national resolve to become the third largest economy, "though we are already ranked fifth among the top economies of the world".

“With the beginning of the new innings, the entire ecosystem of industry, trade and financial markets has become active again,” Nair said.

The industry body resolved to extend full support to the government in nation building, leveraging the aspirations of the young population with an average age of 28 years, industry-government partnerships and driving the next phase of growth with innovation and technology.

“We look forward to the upcoming regular budget of the new government, which will serve as clear policy directions and priorities of the NDA government,” Nair said.