In the run-up to his election, Modi emphasized his management credentials. He campaigned on a record of low unemployment and high foreign investment in Gujarat, the state he led since 2001.
He promised to end policy paralysis, reduce inflation and tackle corruption. He also pledged to establish manufacturing hubs and industrial corridors and improve the tax code sector.
"Whilst Modi is not quite living up to the pre-election hype, we still think good progress is being made, and expect further healthy growth for the economy this year," said Craig Botham, emerging markets economist at Schroders in London.
Modi has made banking sector reform one of his priorities, launching a program this week called "People's Wealth Scheme" that aims to bring tens of millions of Indians without bank accounts into the system.
While there are no great alternatives, the quality of India's GDP statistics leave something to be desired. The data are not seasonably adjusted, and large revisions are routine.
--CNNMoney's Alanna Petroff contributed to this report.