BofA-Merrill says pace of reforms by Narendra Modi govt "slower" than expected.
But adds it still expects India's earnings to double over the next 4-5 years.
Says view supported by mean reversion of corporate profits to GDP among other indicators. Adds auto, cement and energy sectors will drive earnings rebound. Top buys that fit its theme are: ICICI Bank, State Bank of India, Maruti Suzuki and Oil India.