How is negative publicity on Indian reforms impacting markets?

Rewind to May 2014 and Indian equity markets were in a state of euphoria following Modi's stunning election victory, built on the promise of a strong reform agenda.

We believe delays to the Goods and Services Tax (which should be a defining moment in pan-India trade), as well as the much-lauded Land Acquisition Bill, will come to an end, revitalising the reformist agenda proposed by Modi. For all the negative publicity on reform deferrals, there is a significant number of indicators that demonstrate that changes are afoot. Road construction and other infrastructure projects, particularly those stalled by the previous government have been reinitiated, whilst new developments are starting with increased regularity. These are a few of the signs t...