Mr Modi's greatest successes have come in the field of foreign policy. There is no doubt that through energetic travelling, skilful media management and the deployment of his formidable popularity among the Indian diaspora, the prime minister has significantly raised India's profile. Much of Mr Modi's time and energy has been spent on engaging constructively with Asian powers like China and Japan, and with the United States. Investors and foreign officials alike have come to similar conclusions as India's voters: that Mr Modi has the power and the will to make radical changes. But the fact is that until India's domestic economy recovers the pace that it had in the mid-2000s, India's international profile will not recover entirely either. So Mr Modi's position on reform becomes crucial.
On economic reform, unfortunately, the government has been relatively inactive. Even such moves as the coal ordinance did not go far enough and were, in addition, forced on it by the Supreme Court. At least in minerals there is every expectation that some legal changes are in the offing. Financial reform is also likely, since a blueprint was drawn up under the last government. But, in several other areas, particularly administrative reform - the real "second-generation reforms" - there seems little appetite. Subsidy reform, too, is a work still in progress - the government has made the right noises, but so far has done nothing painful, merely taken advantage of low global oil prices.
Also Read
It appears that Mr Modi is willing to take his time on economic reform, perhaps waiting to build up more numbers in the Rajya Sabha. Certainly, the patience that investors and voters have displayed so far in the absence of any real reform will survive till the next Budget - but not beyond then, unless that Budget has headline-grabbing initiatives and real on-the-ground deliverables instead of promises. It is not that Mr Modi looks down on reform; he has said all the right things about ending reform by stealth. But he seems more content to have states do the reforming, as has happened in Rajasthan. This is insufficient - after all, he was elected to change the Union government.
Finally, there is the question of political strength. Here Mr Modi has demonstrated his mastery of the art. His personal popularity is almost certainly much higher today than it was when he took office. He has left no space for the opposition, and given them little oxygen. He has deployed the prime ministerial pulpit effectively, delivering sermons on hygiene and women's empowerment and yoga, though he is yet to say a word to curb the religious polarisation being encouraged by his partymen on the ground.