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Modi’s India: assessing the first 100 days

Franklin D. Roosevelt famously coined the phrase ‘the first hundred days’ in 1933 as he set about passing an incredible fifteen separate bills in a period that reinvigorated a sickly US economy. Fast forward 80-odd years and financial markets were expecting a similar window of hyper-reformist activity to grip India. Narendra Modi was the new man in town, leading the BJP, a centre-right party buoyed by a stunning election result that had delivered the strongest Indian government in 30 years. But as we approach Modi’s hundredth day in office, has he disappointed sky high expectations? Were our hopes of a new India hell bent on reform simply wishful thinking?

At first glance, it appears there is fodder for those bearish on reform. Following an election campaign that was characterised by hyperboles about the magnitude and pace of change, the BJP’s maiden budget included no blockbuster initiatives. Meanwhile Modi himself has instead focused on foreign policy, wooing the leaders of India’s smaller neighbours. Some commentators…

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Forecasts are not a reliable indicator of future performance. This Fund may have a high volatility rating and past performance is not a guide to future performance. The value of an investment and any income from it can fall as well as rise as a result of market or currency fluctuation and investors may not get back the amount originally invested. Investments in emerging markets are higher risk and potentially more volatile than those in established markets. Neptune funds may invest more than 35% in government and public securities in a number of jurisdictions. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness.

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This article was provided by Neptune Investment Management and does not necessarily reflect the views of Citywire

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