Some rock stars write hit songs about mythical places, such as a kingdom hidden somewhere in Inner Asia. Others are elected presidents of great nations and promise to turn the mythological into reality.

The smashing election of new India president Narendra Modi is one of those occasions that promise the latter. His victory, by the largest margin in 30 years, has set India’s enormous young population afire with vows to modernize the economy, restore double-digit GDP growth and create sorely needed jobs. He has also excited institutional investors who are hoping new foreigner-friendly pro-growth policies will be ratified to turn the massive nation into a new land of opportunity for real estate investors.

President Obama called to congratulate Modi, who campaigned on closer ties with the United States. Japanese Prime Minister Shinzo Abe says he follows only three people on Twitter, and Narendra Modi is one of them.

There is genuine reason for excitement. Modi, th