Lead Story

Hype, hope, expectation

Given the new prime minister's track record in Gujarat, investors are looking forward to a business-friendly regime

What a difference a year makes. In fact, this time around last year, amid chest-beating about policy paralysis and an alarming current account deficit, the rupee was rebounding from its all-time low of about 70 against the dollar and the market was pinning its hopes on the new Reserve Bank of India governor Raghuram Rajan to work his magic. Like most things Indian, there was a twist. Rajan was the icing; the cake came later in the form of the decisive election victory of the BJP led-National Democratic Alliance.