Narendra Modi’s election as Prime Minister in May 2014 was initially hailed worldwide as marking the advent of a more business-friendly government in the world’s largest democracy. Encouraged by Modi’s pro-market sound bites – he vowed to “replace red tape with a red carpet,” declared that the government has “no business” in business, and campaigned on the slogan “Make in India” – investors rushed to praise him as a new messiah of development.