It was difficult for observers to argue at the start of the month, with his term as Indian prime minister approaching the half-way mark, that Narendra Modi had exceeded expectations with policy reforms. At the mid-term point this week, it all leaves a record perceived very much as mixed. India is now the fastest-growing major economy. Global funds boosted holdings of the nation’s stocks and bonds and inward foreign direct investment surged. Allowing more foreign investment in sectors including defense and railways made India one of the most open economies in the world. One reason for the jobless growth is that Modi has been unable to win support from lawmakers and unions to ease some of the world’s most rigid land and labor laws. Modi’s biggest move came just days ago, about a fifth of the total value of high denomination notes has been deposited in banks. His policies are increasingly being questioned, however, as tensions rise with neighbor and traditional rival Pakistan. After years of policy deadlock under less stable governments, Modi has turned to “low hanging fruit,” to remain an “investor darling”, Modi should keep the reform momentum alive.”

(NDTV)