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