Narendra Modi’s overwhelming victory in India’s elections is an extraordinary personal achievement. It confirms Modi’s ascendancy over the world’s second-most populous country and largest democracy. It confirms the marginalisation of the Congress party, which had dominated Indian politics for most of the years after independence in 1947. It confirms the rise of Hindu nationalism as an increasingly dominant ideology, in place of the secularism promulgated by the founders of independent India.

This is all very important. But what might this election mean for the economy and economic reform? Will we see the reformist Modi unleashed, or more of the same? The answer is likely to be the latter. Alas, that may be a disaster.

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