Yawning deficits to world-beating growth punctuate Modi's four-year rule

Prime Minister Narendra Modi completes four years in office on May 26. He's used the time to give India its biggest tax reform, overhauled a century-old bankruptcy law, revived stalled projects and got the World Bank to say Asia’s No. 3 economy is a much better place to do business.

Still, all’s not well with the economy. Once-trusted state-owned banks are facing allegations of fraud, their soured-debt pile is larger than ever, investors are dumping Indian stocks and bonds amid a stronger dollar and U.S. Treasury yields. Foreign direct investment growth appears saturated after accelerating at a healthy pace in