Growth is not growing.

"India's foreign exchange reserves declined by $2.119 billion to $723.608 billion for the week ending 20 February, according to Reserve Bank of India (RBI) data. Having touched a record high of $723.608 billion the previous week. ET. Driven largely by valuation gains, reserves rose by $19.4 billion in nominal terms during the nine months period from April-December 2025. ET. Despite adequate reserves, the rupee fell to an all time low of 92.17 against the dollar yesterday, "as an intensifying war in the Middle East drove oil prices sharply higher, heightened the risk of portfolio outflows and raised concerns about remittance flows from diaspora in the region. ET. In the last two sessions in March 2026 (markets closed on Sunday, 1 March and Tuesday, 3 March for Holi) "foreign funds have net withdrawn funds worth a little over Rs 120 billion translating to about $1.3 billion," while "domestic funds were net buyers of stocks worth Rs 120.68 billion". TOI. "Several Indian companies have restricted the domestic supply of natural gas, including to the important fertiliser sector, under a force majeure clause due to an escalating conflict in the Middle East." "India imported 27 million tonnes of LNG in 2024/25, about half of its overall gas consumption, according to government data." Reuters. "India's vulnerability is the exchange rate," with the rupee weaker by 9% in the last two years against the dollar. "While weak domestic demand and soft commodity prices have kept inflation in check," "Were the rupee to edge closer to the psychological cliff of 100 to the dollar while oil races to $100 a barrel, the RBI may have to raise interest rates," wrote Andy Mukherjee. Meanwhile, to curb people's love of gold the government has sold sovereign gold bonds (SGB). "SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed on maturity." rbi.org.in. Unfortunately, the price of gold in Indian rupees has risen from Rs 28006.50 per 10 grams in 2014 to Rs 1,57,40 till today. Bank Bazaar. But, "the mandarins in the finance ministry never bothered to hedge their naked short position - which has gone parabolic. The treasury remains on the hook for roughly 124 tons - a Rs 2 trillion ($22 billion) liability - with the last bonds retiring in 2032." ET. In addition, "New GDP estimates released on 27 February based on an updated methodology and base year have reduced the country's nominal ouput by over Rs 11 trillion ($133 billion)." This could cause the fiscal deficit to rise to 4.51% from 4.36% of GDP unless the government saves an extra Rs 510 billion, wrote Pragya Srivastave & Payal Bhattacharya. That is because "Nominal GDP is the base on which tax revenues, spending plans and borrowing needs are calculated.If nominal GDP grows slower than expected, government revenues fall short." vajiramandravi. com. With the benchmark 10-year bond yield already at 6.661% (in.investing.com), higher borrowing will further push up borrowing costs and interest payments, while reduced expenditure could further constrict nominal GDP. In January 2026, Finance Minister Nirmala Sitharaman boasted, "Our macroeconomic fundamentals are stronger than ever, We have successfully navigated global headwinds to place India on a high-growth trajectory." ET.  Corrected figures are out and headwinds are a storm. Only GDP is not enough. Need to increase wealth. For the people. Not hot air for the party. Will be exposed..