Modi’s reform momentum has finally hit a wall in India

Economic agenda: The closer India gets to the 2024 general election, the more Modi will want to step out of the shadow of big business, and the more his opponents will try to keep it there. — AFP

INVESTORS must be wondering what promise New Delhi will break next as the ruling party tries to win upcoming state elections.

First, the government made a U-turn on the three laws that Prime Minister Narendra Modi wanted to use to shake up the stagnant farm economy.