In late 2013, when Goldman Sachs Group Inc. turned optimistic on India after a sharp slowdown in growth, the bank titled its report as, “Modi-fying Our View.” The reference was to Narendra Modi, by then the market’s favorite to become prime minister. As if to prove that investors were right to back him as an agent of change, Modi’s Bharatiya Janata Party peppered its 2014 poll manifesto with 22 references to “reform.”
