A year after Prime Minister Narendra Modi’s historic election victory, enthusiasm about India’s economy among international observers is fading.
Last week, the Journal declared that for Mr. Modi the “euphoria phase” is over. In a widely cited cover story, the Economist called the prime minister’s record as a reformer “underwhelming.” A Bloomberg editorial accused Mr. Modi of having “spent too much political capital to no coherent purpose.” The Carnegie Endowment for International Peace, a Washington think tank, warned that “the unique political window for getting big things done is rapidly closing.”
India’s leaders, naturally, contest these assessments. They contend that growth is up, inflation is down and important reforms are underway. Most of the disappointment, the argument goes, should be blamed on unrealistic expectations.
The full text of this article is available with a subscription to The Wall Street Journal. It will be posted to AEI.org on Monday, June 8, 2015.
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