With the ruling Bharatiya Janata Party (BJP) set to return to power after a thumping victory in the recently concluded general elections, expectations are running high for the new government with regards to reforms and governance.

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Prime Minister Narendra Modi stunned opponents on Thursday after the National Democratic Alliance (NDA) took an unassailable lead of 341 seats — well above the halfway mark in Lok Sabha — and was on course to increase Modi's majority in 2014.

The clear electoral mandate given to the BJP and PM Modi in India's elections reduces political uncertainty and raises the potential for economic policy reform, according to experts.

Here are some of the expectations from the Narendra Modi-led government:

Mark Mobius, Founding Partner of Mobius Capital Partners

"Infrastructure spending would definitely be one. The government already has great plans in the infra space but the problem is getting things done. They need to push and get things done quickly. The second most important thing is reforms in the labour market because current labour laws are too restrictive."

Mohammed Apabhai, head of Asia Pacific Trading Strategies Group at Citi

“It does appear that globally, gross domestic product is entering a bit of a soft patch. The market is a lot more concerned about this than some of the policymakers are.”

Manish Sonthalia, Head, Equities - PMS at Motilal Oswal AMC

“The country's financial system is not moving properly. The problem of non-banking financial companies, the liquidity and solvency issues -- these are immediate problems that need to be addressed.”

Nilesh Shah, managing director and CEO, Envision

“Some of the top priority areas could be to rationalize GST, bring down some of the rates. Earlier there had been talks about, for example, bringing down the GST rate on cement. One has to see the kind of state in which the real estate sector is in and some of the core sectors are in. Maybe that could be a priority where some of those GST rates could get tinkered, rationalized, simplified. So, that will clearly be one big area that is there.”

Raamdeo Agrawal, co-founder of Motilal Oswal Financial Services

“Economy has to be the first priority apart from my point of view. I am not an economist and second is that there is always a political way of handling everything, so let us see what happens."

Catch the live updates of the Lok Sabha elections here