The Twin Deficits That Threaten Modi's India

Opposition leader and India's next prime minister Narendra Modi greets supporters during a visit to seek his mother's blessings in Gandhinagar, the western Indian state of Gujarat on May 16 Photograph by Saurabh Das/AP Photo

For Narendra Modi, getting elected as prime minister of India is the easy part. Now comes dealing with the twin deficits—in the national budget and in foreign trade—that endanger the world’s largest democracy.

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