The past month has seen India's benchmark Sensex stock index drop to its lowest level since the inauguration of Prime Minister Modi in May 2014. The latest slump is linked to the global equity sell-off but it has coincided with a souring of hopes that this government might drive through structural reforms. These concerns have been compounded by the failure to push ahead with any meaningful reform in the winter session of parliament at the end of last year. Looking ahead, with a number of state elections due to take place within the next six months, prospects for wide-ranging reform for at least the first half of 2016 look slim.
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