Swaminathan S. Anklesaria Aiyar looks at the current state of Indian reforms from the political economy lens.
He says don’t expect much on reforms. There aren’t any real incentives to reform:
Despite at least two decades of reforms, the liberalization of India’s economy is incomplete. This is primarily a function of politics. Indian political leaders have few incentives to advance the reform agenda given India’s high growth rate, and instead prefer handouts in the form of welfare schemes and employment guarantees. The ruling Congress Party is inclined towards populism. The realities of coalition politics in both houses of parliament further complicate reforms, as they require concessions from partners and, in some cases, the opposition. While some advances are being made, future economic liberalization in India will likely be hesitant, episodic, and half-hearted.
Despite nearly 20 years of reform India lags way behind in most competitiveness rankings.
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Utopia, you are standing in it! 
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