Robust growth.

"India will continue its robust economic growth trajectory and outpace major industrialised G7 countries, supported by strong domestic demand, sound macroeconomic fundamentals and a favorable demographic profile, the PHD Chamber of Commerce and Industry (PHDCCI) said in a report." "India's merchandise trade with G7 nations has grown 61%, from $154 billion in FY21 to $248 in FY25, while maintaining a steady trade surplus." TOI. Despite such a rosy outlook, "India's external debt rose 10% to $736.3 billion at the end of March 2025 from $668.8 billion a year earlier," according to the Reserve Bank of India (RBI). "The debt-to-GDP ratio also inched up to 19.1% from 18.5% in FY24." "India's trade deficit is likely to widen to USD 300 billion in the financial year 2025-26, even though oil prices are expected to remain moderate," according to an ICICI report. "The projected deficit would be 7% of the country's GDP." ET. India's private consumption has increased to 61.4% of nominal GDP in FY25 from 60.2% in FY24, the highest in the past two decades. Gross fixed capital formation (GFCF) has grown to 29.9% of GDP, "higher than the pre-pandemic average of 28.6% during FY16 toe FY20. The Hindu. "Prime Minister Narendra Modi...said that 950 million people in India are currently benefiting from one social security scheme or another, a significant rise from less than 250 million who were covered by such schemes before 2015." ET. Handouts free up capital in the hands of the recipients and allow increased discretionary  spending that shows up as increased consumption. But are they productive? Chairman of Larsen and Toubro SN Soubramanyan "said it is difficult to get workers for the construction industry as they are reluctant to travel from their hometown due to preference for comfort." This was because of so many welfare schemes. NDTV. GFCF denotes the acquisition of new or existing fixed assets by industry and households. wikipedia. "Unsold housing stock stood at 5,59,808 units at the end of the latest March quarter, down 4% annually, on strong sales, according to Anarock." ET. "India's metro housing market is a rigged game, according to one of country's top finfluencers, where few hold a staggering grip over real estate, and black money keeps prices inflated while everyday buyers bleed cash chasing a dream they can't afford." BT. "A child in urban India now comes with a price tag that is making many pause. Nearly Rs 4.5 million - that's the figure Bengaluru-based startup founder Meenal Goel laid out in a viral LinkedIn post." ET. That may be a conservative figure but it means that educated professionals are choosing to remain childless. The middle class will gradually disappear. "The latest Henley Private Wealth Migration Report 2025 revealed that approximately 3,500 High-Net-Worth Individuals are expected to leave India and settle abroad in 2025. In 2024, the figure was 4,300, a decrease from the 5,100 who left in 2023." ET. We are boasting about our "robust economic growth" with 950 million out of our population of 1,460 million (worldometer), that is 65% of Indians, on handouts. Robust growth of handouts. But, is it productive?