It’s that time. A year ago this week, Indian Prime Minister Narendra Modi and his Bharatiya Janata Party romped to landslide victory, positioning themselves to form India’s first majority government in a generation. The reviews of Mr. Modi’s first year have begun – and they are less enthusiastic than those that were written in the wake of his astonishing electoral triumph.
Over all, progress has been satisfactory, if not good. But some – chief among them, foreign investors desperate for a new international hot spot to replace China – had higher expectations for India’s new government. Indian stock prices, which gained about 30 per cent in 2014, are flat this year after a series of nasty tumbles in recent days. These people wanted extraordinary, and it turns out Mr. Modi merely is a better-than-average head of government.
Continue reading (paywall) ...