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Asia Insight

Modi emerges unscathed from demonetization shock

Despite economic toll, Indian prime minister solidifies his power base

Indian Prime Minister Narendra Modi's decision last November to cancel 500- and 1,000-rupee notes sparked a nationwide cash crunch.   © Getty Images / Reuters

NEW DELHI -- "November 8 is a sad day for India." With these words to reporters on Oct. 30 Rahul Gandhi, vice president of the Indian National Congress, set out plans for a nationwide protest against a decision by Prime Minister Narendra Modi that threw the country into chaos.

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