Investors believe his administration would be much more capable than the present Congress Party-led coalition government. Modi also has spoken positively about foreign investment in India. International firms have complained they operate in uncertain conditions, with Nokia and Vodafone both facing multibillion dollar tax claims and other firms criticizing complex and unevenly enforced regulations.
5. Talented expat Indians who work in western businesses may decide to go home in large numbers if they feel there are more opportunities there
The Indian diaspora has made a major contribution to the economies of countries like Britain and the US. Since the 1990s, the Indian government has been trying to entice them back home, and thousands returned during the boom years of the 2000s.
The numbers returning slowed down when the Indian economy slumped after the global financial crisis, but a pick up in India's fortunes could see the numbers growing.
Modi regularly makes televised speeches to Indians living in the US. As the chief minister of Gujarat, he has successfully courted Indian expats, known as NRIs or Non-Resident Indians. Gujarati NRIs have funded a large number of public works in Modi's state.
6. Indian politicians take climate change seriously
India's economic potential is limited by its poor access to cheap energy. It has few oil and coal resources and its reliance on imported fuel makes it vulnerable to changes in oil prices and currency dips.
Modi is one of the few politicians to have made climate change a central part of his platform. Like former US Vice President Al Gore, he wrote a book about the issue and has pushed solar energy as part of the solution to India's power troubles.
Around 40 percent of Gujarat's power comes from solar energy and Modi believes India should focus more on renewable energy.
"The time has arrived for a saffron revolution, and the color of energy is saffron," he said at a rally in February. "God has showered our country with an abundance of renewable energy. If these renewable resources were exploited properly, we wouldn't have required mining coal or spending so much on importing crude and petroleum products."
Using renewable energy would no doubt help cut India's carbon emissions, but a larger market for solar panels could help boost research into improving solar cell efficiency.
7. Afghanistan is about to become India's and Pakistan's problem
With NATO soldiers withdrawing from Afghanistan, the onus is on its regional neighbors to ensure the country continues its climb towards stability.
That would be hard enough - Afghanistan is known as the "graveyard of empires" for a reason - but it also means the next Indian Prime Minister will need to work with Pakistan. Yes, that's the same country India has waged war against three times since independence in 1947.
There is deep suspicion between the two countries about the other's involvement in Afghanistan. Pakistan has long held to a doctrine of "strategic depth" - viewing the Afghanistan border area as a place for its leadership to retreat to in the event of an Indian invasion. India believes Pakistani influence has enabled militants such as Lashkar-e-Taiba to use this region as a base from which to launch terror attacks in India. Meanwhile Pakistan believes India is using its growing influence in Afghanistan to aid Baluchistan separatists
While the NATO-led forces were present in Afghanistan, the two countries had less space to operate. As soldiers go, there is the potential for it to become a new proxy for the conflict over Kashmir.
The new prime minister will face a choice between aggressively extending India's influence in Afghanistan and potentially provoking Pakistan, or taking a more careful approach that might allow China to advance its own interests.
As Gujarat's chief minister, Modi has been involved in Indian aid to Afghanistan, and he made it a talking point when he met US Ambassador Nancy Powell in February.
As a nationalist strongman, Modi is expected by some to take a tough line with Pakistan. But he may follow Vajpayee in trying to establish a more peaceful relationship between the two nations.
8. Your gold could get more valuable again
Gold is part of the Indian way of life. Every bride expects to receive some gold on her wedding day, and it is seen as a sign of good luck, as well as being considered a safe investment. The demand for gold means India has imported around 950 metric tons (about 1,050 US tons) each year.
But in July 2013, the Indian government raised duty on gold imports to try to solve its current account deficit. The idea was that reducing demand would reduce the amount of Indian currency flowing out of the country.
World gold prices have also gone down, but India has been hit by a massive rise in gold smuggling. Modi and the BJP have criticized the import duty on gold and would probably reduce tariffs or abolish the duty.
