Narendra Modi Faces Challenges Amid Policy U-Turns

- Narendra Modi's independence day speech emphasized 'reform' but lacked the conviction of past promises. - The BJP's loss of majority in June has forced Modi to consult allies and retreat on some legislation. - Analysts say Modi's third term is weakened, facing a stronger opposition led by Rahul Gandhi. - Business leaders are uncertain about the impact on Modi's pro-business agenda and ambitious reforms. - Upcoming state elections and by-elections will be crucial for Modi's government's forward momentum. Source: [Financial Times](https://www.ft.com/content/f4caa4d3-2618-48e2-b1c2-890a08362ac9)