PM Narendra Modi declared his victory in India's elections Thursday. Modi's government will have its work cut out: India's economy is slowing, its shadow banking sector is in crisis and credit lending from banks is still weak.
Expectations for Modi to carry out important, but challenging, reforms that will drive growth are high among investors and India watchers.
Prasad pointed out that Modi's government was unable to deliver some of the reforms in areas like land and labor during its previous term. "Let's see over the next few months, whether the government is in a position to deliver on those expectations." "Political parties and key figures have, in recent weeks, spent more time hurling insults than debating policy proposals to tackle the country's challenges," he wrote in a note earlier this week.
They will "continue to require intra-party consultations and support from other allies in the NDA as well as from state governments, before coming to fruition," said Rao.will likely factor into his policy priorities.
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