Miller at Wilmington Trust Investment Advisors adds that because India is decentralized, Modi is constrained in what he can do to at a national level to boost the long-term growth prospects of an economy hampered by high inflation.
"By contrast, Japan is highly centralized, so Abe can achieve a lot with monetary policy, taxes, and incentives, if he can obtain political backing at the national level," he said.
The Bank of Japan is committed to pumping 60-70 trillion yen ($589-$687 billion) into the economy a year to boost inflation and Tokyo just announced plans to cut the corporate tax rate to 30 percent in the years ahead from around 36 percent now.
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Abe, however, has also come under criticism for not doing more in terms of long-term structural reforms.
"I'm afraid that some of what Abe may be doing are half measures and may not be going far enough," Douglas Wolford, president at Convergent Wealth Advisor in Washington, told CNBC earlier this week.
"Take by contrast, what Modi is doing in India. India was rated by the World Bank as the 134th best place to do business in the world out of 189 countries. It came in just in front of the West Bank and Gaza and Modi recognized that -- just recently he increased rail fares 14 percent, freight rates 6.5 percent," he added.
"These are typically hot topics politically in India – everybody stays away from rail fares. I think Abe needs to do some of the same things in Japan," Wolford said.
In addition to last week's hike in rail passenger to help fund investment, Modi's government has cheered markets with taking immediate steps to help contain inflation such as ordered a crackdown on hording to contain rising food prices.
The danger for Modi, say analysts, is that a failure to maintain the reform agenda could lead to the same disappointment that has undermined Abenomics and the Nikkei's stellar rally.
"The Modi government is still in the honeymoon phase, while Abe's government no longer enjoys that advantage," said Miller.