No Modi isn't a fascist, he is a Hindu Nationalist but not a fascist.
In his core principles Modi doesn't accommodate Islamic Ideologies. Anyone who has seen him might have noticed how much he has drifted in past 15 - 20 years from core hardliners.
When he was Chief Minister of Gujarat after the infamous 2002 riots, he started slowly drifting from Extreme hardliners, such was the divide that Pravin Togadiya ( Head of Radical Hindu Group) have started opposing him [1] . Anyone who has lived in Gujarat knows very well why the same happened.
Very recently after coming to power again his government has announced scholarships for five crore students from minority communities ( mostly Muslims ) [2] .
I am not saying Narendra Modi is saint and he does somewhere wants a Hindu Rashtra but he doesn't want to kill Muslims at an industrial scale.
He isn't the demon many of the people want to him to be, neither he is the saint many of the people want him to be.
Narendra Modi is an opportunist Hindu Nationalist, who believes in Supremacy of Indian Culture but at the same time have realised the globalised world may not agree. His party members on the other hand have been vehemently venomous when it comes to speaking against Muslims. Again this isn't the case with most of the BJP members, but a significant enough number of extremist have entered Parliament this time.
The fact that while he talks about inclusive politics and development of minorities and shuns the minister quietly talking against Muslims , if he cannot remove people like Sadhvi Pragya ( Terror Accused ) from his party like he did with Pravin Togadiya he will be closer to becoming not only a Hindu Supremacist.
Next 2 years will define him for what he is. As of now he doesn't seem to be a fascist.