Prime Minister Narendra Modi has emerged as India’s most powerful leader in a generation, but his forceful leadership style is facing a major test in local elections. Photo: Associated PressNEW DELHI—Indian Prime Minister Narendra Modi stunned the country in November when he canceled nearly 90% of its paper money. For weeks, tens of millions of people lined up daily at banks to redeem old bills. The growth of Asia’s third-largest economy slowed to a two-year low. It was a quintessential move by Mr. Modi, planned in secret with a handful of close advisers.

Source: Wall Street Journal March 09, 2017 16:48 UTC