India's Economy in 2016: Progress & Potential

The rise to power in May 2014 of a center-right, business-friendly government, led by Narendra Modi, was welcomed not only in India but around the world. Mr. Modi promised to rid the country of a burdensome bureaucracy created by India’s socialist legacy. His support for private enterprise and the promise of a no-nonsense style of governance was expected to bolster India’s economic growth, taking the rate of growth into double digits annually.

This report analyzes the reforms implemented by the Modi Administration in terms of their immediate impact, pace of implementation and future implications. It also examines reforms promised by the government but not implemented so far along with studying the future challenges and opportunities for the Indian economy. A list of the major economic reforms undertaken by the Modi administration can also be found in the appendix below.