India's prime minister-designate Narendra Modi, who is expected to form his cabinet of ministers over the next two weeks, will focus on the standard bugbears of the Indian economy in the immediate future while working in the long term to reform sectors that are especially troubled.

Consumer price inflation in India, which was recorded at 8.59 percent for April, a three-month high driven by rising food prices, will be a major and immediate priority for the Modi-led government, which is also expected to cut back spending on social programs such as the National Rural Employment Guarantee Act, which are deemed to have been expensive and unsuccessful.

"Improved governance is a big promise of the new Govt. Mr Modi has a reputation of being a good administrator and his strong governance is known to be a significant factor behind the Gujarat 'success story.' One of the ways of achieving this is by improving the ease of doing business, where India currently lags," the UBS report said, adding: "Empowering the bureaucracy to work effectively, after the setback due to recent corruption scams, will be important too."


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