"Narendra Modi has had very good luck. Firstly, the fall of oil prices. You don't get that very often in your life and you certainly don't get that often when you are in government.

"Secondly, the fantasy of Indian reforms has led to very strong capital inflows to have made his job much, much easier.

"You ride the winds in times of fortune and he hasn't done that. At least, not yet.

"Those winds of fortune which are blowing your way can certainly turn around easily. There are quite a few headwinds coming up. He may well, history will show, have missed the opportunities that existed."

Read the interview with Satyajit Das on Rediff.com.