I would not expect any dramatic reforms if Modi has managed to get this far and done so well on the basis of incremental reform plus welfarism. I would expect that policy broadly to continue, said, Consulting Editor, ET Now , in an interview with ETNOW.Edited excerpts:Yes, I mean, with Wimbledon coming up you can say Mr Modi has game set and match. It is a kind of victory that reminds people even of the Nehruvian era, I do not think it is quite Nehruvian because Nehru won this kind of majority on his own whereas the BJP is in an alliance with 39 parties. Nevertheless, it is an astounding performance. It is worth emphasising this election was not on economic policy, this is a victory of Hindu nationalism and if you like, it is the victory of Modi’s success on a certain kinds of welfarism. Anybody who thought that he is going to be a new Ronald Regan has been wrong.In some ways he is more like Bernie Sanders in the USA. What are his successes that people mention when you go around? They say Swachh Bharat, they say cooking gas, PM Kisan, Saubhagya Electricity for all. The weak points, the failures include things like Make in India, Digital India, smart cities, the mess in banks, the problems on MSP and agriculture.So you had a situation where Mr Modi was welcomed for apparently a potential game and succeeded more on the welfare side and the issue of Hindu nationalism. The thing that stands out is not simply the BJP winning, but that Sadhvi Pragya is apparently going to win in Bhopal, a person regarded on basis of Hindutva so much so that she has been condemned even by Modi.If that is the kind of mood in the country, it does not speak well for social harmony. So there is a big negative along with the positives of this particular election. I would expect Mr Modi to continue to be a cautious liberaliser. I would not expect any dramatic reforms if he has managed to get this far and done so well on the basis of incremental reform plus welfarism I would expect that policy broadly to continue.Everybody tries for the women’s vote. I am not sure that there is something that you can actually categorise. When I go around the villages, you do not find that women are speaking out in a very strong way. Many say that they will go along with their families, some even say they will go along with what the village says. So I am not sure there is a separate thing called the women’s vote.At the same time, it is true that women have become a more independent and started exercising greater rights than in the past. You had people like Nitish Kumar who tried to go on this and Mr Modi. Let us see, I think we will require some detailed research to find whether the Modi has a special key into the hearts of women. I do not see that as being the key issue.Hindu nationalism has won the day and all the other issues I think are number two, number three all the way down to number 10.Oh absolutely. He will have to re-think all the failed schemes. He will even have to re-think what is the meaning of something like smart city, what does it mean? What does digital India mean? What does Make in India mean? I mean these are slogans. It is rather like Mr Obama is saying yes I can which is a great slogan. But it did not really have any meaning. So if we have a problem of Make in India, it is another way of saying that India is unable to be competitive in the international markets Barely by saying I am announcing this concession or this thing or this improved infrastructure, it is not enough. If you are uncompetitive, this is reflected in the fact of export stagnation for almost five years. What does this mean? It means that the inputs into production, your land is too expensive, your labour is too expensive and your capital is too expensive. You have to tackle all those three and those cannot be tackled by slogans like digital India or even new banking IndiaComing to land reform, he attempted to change the land acquisition law. He had three ordinances that he issued in his first time and then in the face of resistance he totally withdrew. He said it is better not to come out because he was afraid of being called suited booted sarkar. One thing we can say after his victory here, the idea that the people are worried about suited booted sarkar is surely rubbish.We can go back to stronger policies on land, labour and capital. On labour there was some relaxation in Rajasthan. It did not particularly help. We need something far more dramatic. I met an industrialist with 1,000 workers who was attempting to reduce the workforce. He most certainly said that I do not want to increase it and factories of 10,000 like they have in China and yet that is the opportunity that you need to seize on.As far as the capital is concerned, recapitalisation of banks is starting, we need much lower real interest rates on a sustained basis and that is something partly in the purview of the RBI rather than the government. But we need to get the real cost of capital down. We need a large number of new private sector banks and we need to reduce the situation where the government sector still accounts 70% of all lending. So these are some of the areas in which I would like to see him go forward. In some cases it means completely rethinking whether things like digital India or smart city is a thing. Get back to land, labour, capital.Some people will say that you are making a mistake and Mr Modi will be minister of all the ministries. He so dominates the agenda, he so dominates the thinking. Arun Jaitley I think would continue to be first choice for finance minister provided his health does not collapse. He would be given a very very long leash time to recover. It is even possible that the next budget will be presented once again by an acting Finance Minister and not Mr Jaitley.My bet would be that Mr Jaitley once again reappointed in Finance with the hope that his health recovers and let us face it, if you look at some of the major reforms successes of NDA, the passing of GST and insolvency bankruptcy code, both are finance ministry issues. In some way, Arun Jaitley has played an extremely important role and every effort will be made to get him back.Defence and external affairs for all practical purposes are under Mr Modi. The idea that separate ministers there matter is an exaggeration. It would be interesting to see whether he is going to make a thrust in new areas. Could education become a new focus? Could universal health system become a much larger focus it would be interesting to see who would be appointed there.Mr Gadkari has done an excellent job in infrastructure and I think there is a strong case for continuing with a proven success. Beyond that, I imagine some completely new faces and completely new names will come about. There is talk about a dearth of talent, but if you look around, there are plenty of talented people in the BJP. They may be not as prominent politically but there are enough people with technocratic and common sense virtues and I think most of the ministries will be filled. I look forward to some welcome surprises and some young faces that we have not heard much about.