Marking Two Years of Modi's Third Term

Why It Matters

Slower reform momentum could weigh on India’s investment climate and growth ambitions by delaying changes on labor, land and financial-sector bottlenecks that businesses and economists see as critical. The gap versus prior terms raises political and economic risks ahead of the next election.

Summary

At the two-year mark of Prime Minister Narendra Modi’s third term, the CSIS India Reform Scorecard finds the government has completed just two of 30 priority economic reforms—Jan Vishwas Bill 2.0, which decriminalized business regulations, and a GST Council rationalization into a cleaner two-tier structure with an extra luxury slab—while one reform (mandating regulatory impact assessments) is underway. That pace lags markedly behind Modi’s previous terms, when seven and five reforms were completed in the first two years respectively, and more were finished by each term’s end. The scorecard rates reforms by progress and difficulty, concluding the current reform program is behind schedule with three years remaining before the next election. Full details are available at indiareform.csis.org.

Original Description

Indian Prime Minister Modi marks two years of his third term in office on June 9, 2026. It's a natural moment to ask: how is India doing on economic reforms? That's exactly what our India Reforms Scorecard is designed to answer — the India Chair’s Associate Fellow Aryan D’Rozario explains.

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