Prime Minister Narendra Modi has embarked on a historic third term, but this time the landscape is shifting dramatically—towards a coalition government with partners known for driving hard bargains. While this new political reality may not radically alter the course of economic reform and policymaking, it raises the critical question of whether the pace of major government initiatives will be affected.

There's particular interest in how ambitious programs such as Make in India, designed to boost manufacturing and exports through incentives, will unfold under the new administration. Specifically, the focus is on the continuation of financial incentives, including production-linked incentives, to promote manufacturing expansion and exports.

Shortly after the dust had settled on the final electoral outcome on June 4, the prime minister exhibited unwavering determination in the face of the unexpectedly close victory, reaffirming the government's commitment to nurturing sunrise manufacturing sectors and fostering self-reliance. In a post-results speech at the BJP headquarters in New Delhi, he emphasized the country's progress in becoming the second-largest mobile manufacturing hub, and pledged to further accelerate advancements in electronics, semiconductors, and other emerging industries.

These developments mark the beginning of an intriguing phase in Indian politics and governance, as Prime Minister Modi aims to navigate the complexities of a coalition government to drive the nation's economic agenda forward.