As Prime Minister Modi's first year in office draws to a close, our view that the economic reform agenda would fall short of (at times frenzied) expectations appears to have been proved correct for the time being. Admittedly, PM Modi can point to some successes, most notably on lifting restrictions on foreign investment in some sectors of the economy and on reducing subsidies. But progress on pushing through the "big bang" reforms that many had hoped for, including on land, tax and labour laws, has been underwhelming. So far, not enough has been achieved to suggest that India can fulfil its economic potential over the medium term.
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