It's finally over. After four weeks of polling, with 6.5 million staff deployed to collect the votes of some 714 million eligible participants across 543 constituencies, the Indian general election finally reached its conclusion last weekend, with the Indian National Congress (INC) party declared the decisive victor.

It's now time for new prime minister Manmohan Singh to deliver on his promises - so what is this likely to mean for India's IT outsourcing industry?

In the short-term, the election result has already been good news. The Indian stock market leapt 17% on Monday, and many of the key beneficiaries in early trading were familiar names in the outsourcing world:

Infosys (INFY) up $4.15, or 10%, to $36.17

Cognizant (CTSH) up $1.06, or 4.1%, to $26.82

Wipro (WIT) up $1.22, or 11.4%, to $11.91

Over the longer term, the outlook is less clear. Certainly, business leaders have broadly welcomed the new government as one strong enough to deliver economic reform and perhaps avoid the internecine struggles that have hampered previous administrations. It's also felt that the INC is unlikely to turn its back on one of the brightest spots in the Indian economy. But nor have business leaders been slow to remind the Congress party of its responsibilities to the high-tech sector.

A case in point: in an official statement released on Monday, NASSCOM (the country's trade body for software and IT service providers) "welcomes the results of the election, which are indicative of a stable government at the centre". In the current global economic environment, it continues, "it is important that India has a stable and progressive political environment that can focus on long-term policies for the sustainable development of the country, even as it takes decisive steps to immediately put the economy back on a high-growth trajectory."

But the statement also goes on to propose a range of measures it believes the government should prioritise, including the extension of tax benefits and other fiscal incentives to the high-tech industry.

Similarly, Dr Ganesh Natarajan, CEO of Zensar Technologies, shared with me his thoughts on how the government can help companies like his. “Presuming the new government to be a stronger one, it will need to work on three important key areas to give relief to IT professionals," he says.

First, Software Technology Parks of India (STPI) facilities should be treated on a par with the country's Special Economic Zones (SEZs), with the same benefits and advantages extended to the companies that reside there, he says.

Second, the government must focus on the education and development of skilled labour. It's an area, he says, where many private-sector companies are interested in participating with the government. In particular, 'finishing schools' for would-be recruits are "the need of the hour", he says.

Third, the new administration must invest in infrastructure projects that will boost India's high-tech industry, according to Dr Ganesh. "The benefits will then percolate to various other parts of society," he says.

It's unlikely that the government will ignore such voices. After all, there are now 5,000 IT software and services companies at work in India, according to NASSCOM. Of these, some 60 per cent are homegrown players. They will expect to be heard - and will expect a robust response that reaps tangible results, as well.