Economists are assessing the implications of Prime Minister Narendra Modi’s retention of power in the general elections, noting challenges in implementing critical reforms under “changed circumstances.” While the incumbent National Democratic Alliance (NDA) is poised to win around 295 seats, Modi’s BJP falling short of the halfway mark alone is seen as a “negative surprise.” Analysts anticipate a continuation of the broad economic policy direction but foresee hurdles in pushing tougher reforms, including land, infrastructure, divestment, and farm bills.