India: Can Modi Turn the Elephant Around?

India's "gasping elephant" economy appears to be getting a second wind. Optimism has been rising since Narendra Modi was elected prime minister on a business-friendly reform agenda last year. India is outperforming the other BRICs and Modi has fast-tracked reforms in mining and insurance. But big challenges remain. His Bharatiya Janata Party suffered a setback in the New Delhi state elections in February and critics accuse him of a piecemeal approach to change. In which sectors would India welcome investment, and where are investors likely to see growth? Will corruption, fraud, India's rigid social hierarchy and overly complex regulations stand in the way? Will Modi make good on his promise to increase infrastructure spending and cut taxes for corporations? And will India finally shed the "gasping elephant" moniker and become Asia's next growth engine?