Macaulay and Nehru.

"The 18th BRICS Summit was held at Bharat Mandapam in New Delhi, from 12-13 September 2026 under India's 2026 chairship." wikipedia. As camouflage, "The city has been decked out in signs. Buildings are illuminated. And normal life has come to a near standstill." "The shanties around Munirka, near Vasant Vihar in South Delhi - otherwise known as Embassy land - are all covered up." The Wire. "Indian politicians, outside Kerala perhaps, have never been terrified of the third-rate condition of government schools in their constituencies. Nor have they been terrified by the state of government hospitals, trains, or anything voters use." "Also, where there is some intent, the school conveys India's pathological problem - it treats the poor as poor, and as a problem that must be solved in the cheapest way possible," wrote Manu Joseph. What can be cheaper than putting up screens to hide the wretched slums? When Times of India reporters visited schools ion various states they found classes being held in tin sheds, under a tree or all classes crammed into one room because a local villager was housing his buffaloes in other rooms. TOI. On 6 September, a five-floor building at Satya Niketan, Delhi, undergoing illegal extensions, collapsed, killing seven people. In June, another five-floor building at Huaz Rani collapsed killing 21 people. On 30 May, a four-floor building collapsed killing six people. TNIE. "On the way to the hill town of Ranikhet", an old steel bridge across a river has a plate which "notes the name of the engineer, and the address of the foundry in Liverpool where it was fabricated in 1927." It still carries heavy traffic, while in Bihar, "26 modern concrete bridges have collapsed over the last five years." In Dehradun, the approach road to a Rs 160-million bridge collapsed just 17 days after it opened," wrote Gautam Bhatia. 'In the past year, many urban projects have raised a common question: how do designs that look obviously problematic manage to get approved and end up cast in concrete? HT. The government has forced blending of fuel with ethanol to reduce the import of crude oil. "Ethanol Blended Petrol (EBP) Programme has emerged as a key pillar of India's energy transition. and biofuel strategy." And, "ethanol blending has increased from less than 1.5% in 2013-14 to 20% in 2025-26." pib.gov.in. "But, substituting petrol with ethanol won't make sense if the ethanol itself is imported." In 2019, the government restricted the import of ethanol. "Regardless, India remained a net ethanol importer through 2025, and almost all the imported ethanol was American." "Domestic consumption of industrial ethanol had halved during 2022-24, as distillers preferred selling to oil marketing companies that offered them assured offtake at high administered prices." As a result, "At one point, India was importing over 50% of ethanol used by pharma and chemical industries," wrote Arindam Goswami. Prime Minister Narendra Modi has been attacking India's first Prime Minister Jawaharlal Nehru (HT) at every opportunity. So what were Mr Nehru's contributions? After hundreds of years of slavery, India got a Constitution, every man and woman got the right to vote, five Indian Institute of Technology (IIT), three Institutes of Management, Indian Institute of Science, the Defence Research and Development Organisation, the Bhabha Atomic Research Centre and the Indian Space Research Organisation, to name a few, wrote Karan Thapar. Mr Modi also dislikes Thomas Babbington Macaulay, whose law on sedition against the British monarch is still being used  (SCO), and said that the use of English language is "mental slavery" to a conspiracy by Macaulay (DD News). But, Macaulay "sought equal justice and education for all Indians regardless of caste or religion." Dalits celebrate his birthday and call him "Mahatma Macaulay", wrote Swaminathan Aiyar. On 10 June 2026, Mr Modi apparently became the longest serving prime minister. (pib.gov.in). Macaulay gave us English and equality, Mr Nehru gave us the Constitution and institutions which still stand. Mr Modi has given us large screens to hide poverty and collapsing infrastructure. Hence the abuse. 

Either this or that.

India's total fertility rate (TFR) is at 1.9 which is below the replacement level of 2.1 but, if Bihar and Uttar Pradesh (UP) are removed, the TFR drops to 1.6. Worse, Andhra Pradesh and Maharastra are at 1.4, Telangana and Karnataka at 1.5, Kerala, Tamil Nadu and West Bengal at 1.3, Delhi at 1.2 and Sikkim is at 1.0, noted a working paper by the Economic Advisory Council to the Prime Minister (EAC-PM). China realized its mistake of encouraging one child per family, but it is too late. The paper said that India should end its sterilization-linked incentive payments and end "family-planning awards and campaigns framed around population control, as well as removing two-child norm disqualifications across states." ET. As of 2025, China's TFR was "below 1.0, one of the lowest in the world alongside South Korea, Taiwan, Hong Kong and Singapore." wikipedia. China's birth rate fell to 5.63 per 1000 while its death rate rose to 8.04 per 1000 people. "In 2016, it scrapped its longstanding one-child policy and replaced it with a two-child limit." In 2021, it allowed up to three children. When that did not work, "More recently, China has offered parents 3,600 yuan ($500) per each of their children under the age of three. Certain provinces are also dishing out their own baby bonuses, including additional payouts and extended maternity leave." BBC. Now, "People in China will pay 13%  sales tax on contraceptives from 1 January, while childcare services will be exempt," and "It also exempts marriage-related services and elderly care from value added tax (VAT)." BBC. "In 2021, China's official report showed a sex ratio of 112 male to 100 female births, compared to a global average of 105 to 106 male to 100 female births. This is down from a high of 118 male to 100 female births from 2002 to 2008." wikipedia. China had a GDP at current prices, nominal GDP, of $19.5 trillion in 2025, while that of India was around $4 trillion in the same year. World Bank. The mortality rate of infants per 1,000 live births in India was 23 in 2024, while that of China was just 4 in the same year. World Bank. India counts the number of girls per 1,000 boys at birth. If the normal sex ratio at birth is 105-106 boys per 100 girls, then the ratio in India should be 943-952 girls per 1,000 boys at birth. However, the ratio at birth for all of India was 929 in the National Family Health Survey (NFHS 5) 2019-21. The ratio is normal for 15 states till Nagaland at 945, and starts dropping from UP at 941 to a low of 838 in Goa. wikipedia. This is because of abortion of female fetuses despite a ban of gender detection by ultrasound. "Research by Pew Research Center based on Union government data indicates foeticide of at least 9 million females in the years 2000-2019." And 86.7% of these were by Hindus (80% of the population). wikipedia. The higher infant mortality in India compared to China could partly be because of intentional killing of baby girls. Comparing female literacy rates of states (wikipedia) with TFR shows that high literacy among women results in lower birth rates but, shockingly, Goa with a very high female literacy rate of 90% has the worst sex ratio at birth. "India is letting go between $700 billion and $1.4 trillion in economic output because millions of women remain outside the workforce, according to a study by Centre for Social and Economic Progress (CSEP)." The Print. The government must work on educating and increasing their employment opportunities if India is to become a developed country. And, if successful, the TFR will fall further and the population will shrink. All this means that you can either become a wealthy country or you can have more babies. You can't have both. As China has found.  

Social Responsibility.

"Maharashtra Food and Drug Administration (FDA) Commissioner Tukaram Mundhe has said markups of up to 2,800% on everyday medical consumables used in hospitals 'need to be explained properly'. He has asked the National Pharmaceutical Pricing Authority (NPPA) to examine whether these should be brought under price control." NDTV. "Union Minister Mansukh Mandaviya...urged doctors to commit to a 'medical social responsibility (MSR)' once a month, asserting that the medical profession is not merely a business but a responsibility towards society." The Print. What about giving up all the perks worth tens of millions of rupees that MPs and ministers get under a 'Politician Social Responsibility (PSR)'? "A hospital or a doctor cannot ordinarily refuse immediate medical assistance where delay may endanger life. The Supreme Court has treated preservation of human life as a paramount obligation flowing from Article 21 of the Constitution." Law Bhoomi. What about dignity of life, protection from criminals and the right to justice? In December 2017, "The Supreme Court has made a candid admission and said it was 'sorry' for the delay for over a decade in commencement of criminal trial due to two conflicting orders passed by a high court judge in a single day in two different by related cases." The aggrieved victim died during the delay. NDTV. "The Supreme Court has more than 96,000 pending cases, with over 10,000 awaiting disposal for more than a decade," as on 23 July 2026. ET. How many victims are dying miserably waiting for justice? Since lawyers charge per appearance (lawspot.in), it is in their interest to prolong a case as long as possible. Has anyone asked lawyers to charge a fixed amount, however long it takes under a 'Lawyer Social Responsibility'?  On 13 June 1997, 59 people died in a fire at Uphaar Cinema in Delhi. The owners of the hall had made unauthorized modifications, increased the number of seats and blocked fire exits. TOI. The case dragged on for 20 years and the millionaire owners, the Ansal brothers, had their fines reduced in the Supreme Court. Gopal Ansal served just one year in prison and Sushil Ansal was freed because of old age. BBC. Young people were incinerated, the old survived. The dreaded Contempt of Courts Act, 1971 prevents any comment in case it 'Scandalises the Court'. 'Scandalising the Court' broadly refers to statements or publications which have the effect of undermining public confidence in the judiciary." PRS. Officers of the Indian Administrative Service (IAS) get enormous salaries and perks, including free healthcare, worth millions. Anuj Jindal. They also get a Dearness Allowance which has reached 60% of basic salary. CNBCTV18. And yet, they are required to pay just Rs 350 for a medical consultation at a private hospital and the government pays derisory amounts for serious medical procedures, requiring very expensive consumable items, under the Central Government Health Scheme. cghs.mohfw.gov.in. For an extremely hazardous and complicated Pancreaticoduodenectomy (Whipple Procedure) (Jason R D'Cruz et al) which takes hours of exhausting surgery, the rate is Rs 24,995, about $260. Since hospitals dare not argue with the government they have to make up their losses from us. Surely, pampered IAS officers earning enormous salaries should pay full fees to the doctors? The FDA Commissioner is right to be concerned about hospital charges. Perhaps he should look at the real gravy train. Scandalizing, isn't it?

Ghalibaf's joke.

"Hours before the US Federal Reserve, the world's most powerful central bank, made one of its biggest calls in three years and raised interest rates by 25 basis points," the Speaker of Iran's Parliament Mohammad Bagher Ghalibaf modified a decades old Taylor Rule in economics to 'Straits Taylor Rule', meaning a rate hike is not going to increase oil supplies through both the Strait of Hormuz and the Bab el-Mandeb Strait. "You can't 25bp a chokepoint. Stay unanchored," he joked. The Print. How droll! He must have forgotten that Iranians are facing severe fuel shortages while there is no shortage of fuel, even if more expensive than before, in the rest of the world. "Transporters say they are experiencing fuel problems they didn't face during the active combat of the first month of the war with the US." The Union of Truckers and Drivers said that "they are now out of supplies for a third of every month." WSJ. "As recently as March, Iran exported 1.85 million barrels of crude oil a day, worth $191 million at international prices." Now, "The government has appealed to Iranians to do their part by limiting their consumption of water, electricity and gas." And to use public transport instead of driving. WSJ. "According to statistics from the Statistical Center of Iran, the overall inflation rate for August stood at 89%, while food and beverage inflation surged to a record high exceeding 127%." "The dollar exchange rate has surpassed the 235,000-toman mark, compounding the major shock caused by the hike in gasoline prices to 10,000 tomans." Voice of Emirates. One toman equals 10 rials, so $1 buys 2.35 million rials. Very soon people will be dying of starvation and this Ghalibaf thinks it is hilarious. Ghoulibaf would suit him better. "Iran vowed to respond to a US blockade by pushing more trade overland." But, "Hundreds of trucks drivers are currently stuck at Iran's border with Pakistan," and "The same is happening at Iran's land borders with Turkey, Turkmenistan and Afghanistan, dealing Tehran a self-inflicted blow." WSJ. In desperation, Iran is recruiting support wherever it can find. "Saudi Arabia has closed a critical oil pipeline after it was attacked by drones launched from Iraq." "Saudi Arabia has previously accused Iran-backed militia in Iraq of targeting its oil facilities." BBC. On Thursday last week, Iran's proxy militia the Houthis captured Yemen's strategic port city of Mocha. "Hours later, on Friday, the Houthis captured another key coastal asset, Perim Island, at the mouth of the Red Sea," thus "giving Tehran de-facto control over another key shipping route." CNN. Recently, "New photos...reveal for the first time the widespread damage and destruction of buildings and vehicles at multiple US positions across the Middle East, as a result of Iranian missile and drone attacks." CBS. Three days ago, "Saudi Arabia intercepted and shot down a Houthi drone south of the Islamic holy city of Mecca." BBC. Iran has a history at Mecca. On 31 July 1987, Iranian pilgrims clashed with Saudi armed forces during Hajj at Mecca. wikipedia. So, "With the US and Pakistan rejecting calls for help, Saudi Arabia has reportedly turned to Western allies, including Israel, for assistance as Houthi attacks continue to target cities and infrastructure across the country." Talks with Israel were apparently mediated by CENTCOM. News18. Ironically, "Palestinian Islamist group Hamas' Oct. 7 attack on Israel that killed about 1,400 people aimed to disrupt a potential normalization of ties between Israel and Saudi Arabia sought by Riyadh, US President Joe Biden said." Reuters. Yesterday, "A car-bomb attack on a mosque at a police compound in north-western Pakistan has killed at least 21 people and injured more than 100." The attack was blamed on Tehrik-e-Taliban Pakistan (TTP). BBC. And so, after Gaza and Iran almost destroyed, with the Pakistani army in danger of losing control inside the country and the US Hollywood army imitating sitting ducks, Saudi Arabia may reach a deal with Israel. Israel has the guts, knowledge, intelligence and experience to win the war. The US and Gulf states should give it full support. Does Ghoulibaf have a joke for that?   

Growth in rupees, GDP in dollars.

"The Federal Reserve raised interest rates...and flagged more hikes to come in the coming months," as "an energy shock following the start of the US-Israeli war with Iran, and capital spending from the artificial intelligence boom has kept price pressures intense enough that the Fed felt it needed to raise its benchmark overnight interest rate by a quarter of a percentage point to the 3.75%-4.00% range." Reuters. This had an immediate effect on India. "Sovereign bond yields surged at the open on 17 September, while the rupee tumbled past the 96 dollar mark," and "The benchmark 10-year bond yield climbed to 7.0714% in early trade, up from 7.0524% in the previous session, as bond prices fell." MC. Why does a rise of just 0.019% in government bond yields create such panic? Because, in the 2026-27 Budget, "The government has pegged India's net market borrowing at Rs 11.7 trillion for the next fiscal year, slightly below the level in 2025-26, Finance Minister Nirmala Sitharaman said." ET. If you add 0.19% of Rs 11.7 trillion to overall fiscal borrowing and the national debt it does seem like a reason to panic about. "The Indian rupee breached the 96 mark against the dollar for the first time in nearly eight weeks," but, "the currency recovered from its lows to close at 95.93 per dollar, nearly flat from its previous close. Traders said that state-run banks likely sold dollars on the Reserve Bank of India's (RBI) behalf, which helped cushion the rupee's fall." FE. "The rupee may need to depreciate further to adjust to the sustained terms of trade shocks even as the trade-weighted real effective exchange rate (REER) fell to 91.75, a level last seen during the 2013 taper tantrum, Axis Bank said in a research report. The rupee has weakened nearly 6% this year." "The RBI is estimated to have sold $250 billion since mid-2023 to defend the local currency, nearly double of the inflows seen through the dedicated dollar-inflows program run between June and August." ET. Who gains when the RBI supports the rupee by selling dollars borrowed at over 6% interest rate (IDBI Bank)? "Foreign portfolio investors (FPI) pulled out nearly Rs 51.09 billion from Indian government securities under the Fully Accessible Route (FAR) in three days through September 15, amid rising crude prices, elevated US bond yields and renewed pressure on the rupee." TT. When they convert their proceeds they get more dollars because the RBI is pushing the rupee up. So, we the taxpayers are paying usurious interest to non-resident Indians (NRI) to borrow dollars and then transferring more of those precious dollars to FPIs because of an artificially stronger rupee by the RBI. The rupee is weak because, "The gap between Indian and US 10-year government bond yields has narrowed to nearly half its long-term average, raising the prospect that a shrinking yield premium could make the Indian debt less attractive to foreign investors and add pressure on the rupee." MC. The reason for the narrow yield spread between the US and India is because the RBI cut it policy rate by 25 basis points (bps) in December 2025 for a cumulative reduction of 125 bps for the whole year, despite noting real GDP growth of 8.2% in Q2:2025-26 (July-September 2025) and projecting real GDP growth of 7.3% in fiscal 2025-26. RBI projected consumer price (CPI) inflation at 3.9% at Q1 and 4% at Q2 of 2026-27. rbi.org.in. In reality, "India's retail inflation has accelerated to 4.82% in August from 4.45% in July," while, "wholesale inflation edged up to 9.92% in August from 9.78% in July." ET. The Fed is focused on inflation, the RBI is like a deer in headlights (wiktionary). Growth is measured in rupees, while the GDP is expressed in dollars (IMF). Rupee sinks, GDP sinks. Growth stunted.     

Self before service.

"Calling upon the 'Gen Z' and 'Gen Alpha' generations to assume leadership and shoulder responsibility, Union Minister Nirmala Sitharaman...urged young graduates to put the nation first and ask what they can contribute to the country rather than asking what the country has done for them." ET. Oh please! John F Kennedy you are most emphatically not. On 20 January 1960, President Kennedy said in his inaugural speech, "Ask not what your country can do for you - ask what you can do for your country." archives.gov. Kennedy commanded Petrol Torpedo (PT) boat 109 during World War II. On 2 August 1943, PT109 was rammed by a Japanese warship and exploded. Kennedy, who had been a member of the Harvard University swim team, swam for over three hours towing an injured sailor. wikipedia. What has Dear Leader risked for India? Please enumerate. And yet, in September 2022, FM Sitharaman "found fault with the Telangana government for not displaying the picture  of Prime Minister Narendra Modi at the fair price shops where rice is distributed to the people below poverty line free of cost." HT. As finance minister surely she is aware that we taxpayers are paying for this election handout? As our children cannot contribute to the nation without education, they were protesting at Jantar Mantar against leak of exam questions when your government hunted them down with pellet guns (BBC) which cause permanent disabilities like blindness. Perhaps if the present lot step down others will get a chance to lead. Two days back, FM Sitharaman "challenged tax professionals and industry bodies to move beyond demands for exemptions and lower rates, asking them to identify provisions that no longer serve the tax system even when their own sectors benefit from them." ET. Why don't our leaders lead by example by trimming all the perks, some of them for life, that they get. Perhaps, if taxes are fair and sensible people would pay. In 2024, you forced the owner of the famous vegetarian restaurant Sree Annapoorna in Coimbatore to apologize in public because he joked, "Madam, a bun doesn't attract GST, but when cream is applied to make it a cream bun, it attracts 12% GST. Customers now say, 'You bring the bun and cream separately, and I'll make the cream bun." TOI. "A few large private banks, along with top law firms wealth managers, are ducking an unwritten ban to handhold Indian promoter and business families to set up family offices in Singapore and other jurisdictions." ET. We do not object to paying tax, but we get nothing for the taxes we pay. "If you look closely at India's macroeconomic indicators - such as the growth rate, inflation numbers, etc. - they project a story of robust financial discipline and economic growth. However, the average household budget portrays a far more fragile reality." "Families are increasingly relying on credit card debt, personal loans, and loans raised against gold to fill the gap between growing expenses and stagnant incomes," wrote Prof Deepanshu Mohan & Srisonia Subramonian. Ms Sitharaman has been finance minister since 30 May 2019 (wikipedia) when the Indian rupee was at 72.15 against on US dollar  (worldtradescanner), while today $1 buys Rs 95.87 (xe.com), a collapse of 32.875% in just seven years. In panic, the RBI has asked banks to borrow $127.2 billion from non-resident Indians (NRI) (Mint) at an exorbitant rate of interest of up to 7%. (Macroindicators). Not a proud record is it? No wonder economist Parikala Prabhakar has joined the "Zero BJP Movement". News Nine. No one likes a brutal fascist  government. Service before self, is our army's motto. The government is the opposite. It will fail.

RBI vs the Fed.

In his speech at Jackson Hole, new US Federal Reserve Chair Kevin Warsh "made two things clear: One, it is the 'Fed's job to deliver stable prices,' And two, with US inflation running above its 2% target, the central bank's 'predominant focus right now should be on prices'." "In India too, when it comes to inflation, the buck stops with its central bank under the regime we adopted a decade ago." Mint. The Consumer Price Index (CPI) inflation rate in the US was at 3.4% year-on-year in August. bls.gov. "India's retail inflation has accelerated to 4.82% in August 2026 from 4.45% in July, as food prices and other key components of the consumer basket exerted pressure on the economy." Actually, food inflation was relatively less to blame at 5.95% and could be partly caused by the transport services for goods at 14.64%. Personal care, social protection and miscellaneous goods and services went up by 15.17% while "inflation in other personal effects stood at 44.56%." ET. "India's wholesale prices rose 9.92%year-on-year in August," with manufactured products up by 8.37%, fuel and power by 22.93% and petroleum and natural gas by a whopping 34.41%. Producer prices in August rose 9.8% y-on-y, according to Reuters calculation. In the Wholesale Price Index (WPI), with 2022-23 as the base year, the weight of Primary Articles is at 22.62%, fuel and power at 13.15% and manufactured products at 64.23%. Anantam IAS. "The Producer Price Index (PPI) "reflects the cost at which goods are sold at the production level before they reach consumers. The PPI covers a wide range of sectors, including mining, manufacturing and agriculture." Bajaj Finance. If input prices as reflected by the WPI and wholesale manufactured prices in PPI are rising at near double digits its only a matter of time before retail prices rise by at least the same amount, or by even more as retailers add their own profits when selling to consumers. "There has been a growing body of evidence that wholesale inflation tends to move towards consumer inflation during episodes of divergence. And headline consumer price inflation moves towards core inflation when there is a substantial gap between the two." Core inflation was at 3.9% in July, wrote Niranjan Rajadhyaksha. The Reserve Bank of India (RBI) undertook to cover hedging costs as it asked Banks to borrow foreign exchange by promising higher interest to non-resident Indians (NRIs).  "Banks have received $127.3 billion in FCNR(B) deposits since June, marking a strong response to the RBI's scheme and taking total inflows to $136.4 billion." MC. It was necessary because, "net foreign direct investment has collapsed from $44 billion in 2020-21 to virtually zero. Foreign portfolio investors pulled out nearly $29 billion from Indian markets in 2026 alone, on top of $18 billion the previous year. The rupee was weakening fast." But, "These dollar inflows, converted to rupees, have contributed to a record surplus, close to Rs 10 trillion in the banking system. To prevent this from fuelling inflation or reckless lending, the RBI must mop it up by selling government bonds. That pushes bond prices down and yields up, raising the government's own borrowing costs, of which the interest cost is already at a staggering 40% of all revenues," wrote Ajit Ranade. The RBI's refusal to increase interest rate, to keep government borrowing costs low, has led it to such expensive maneuvers, which will lead to higher yields on GOI bonds, which means higher borrowing costs. The RBI may think it is in control but Kevin Warsh can overrule it. "The 10-year (US) Treasury yield fell slightly to 4.994% after rallying as high as 5.03%. in.investing.com. The Fed could make all RBI's efforts useless. Who will pay for this folly? The hapless taxpayer.      

Digital has no substance.

"De-dollarisation was one of the most-discussed topics ahead of the 18th BRICS Summit in New Delhi. However, like previous summits, BRICS did not come up with a proposal for a common unified currency. Instead, the grouping encouraged the New Development Bank (NDB) to expand financing in local currencies." News18. Central banks have been reducing their dollar holdings anyway. A survey by the Official Monetary and Financial Institutions Forum (OMFIF) found that, "More of the world's central banks plan to cut dollar allocations than increase them in the coming decade as political risks associated with the US currency rise." But, "There is no clear alternative to the dollar and it has rallied 3% this year, driven by higher US interest rates, a thirst for US assets and a flight to safety sparked by the US-Iran war." Reuters. The value of the dollar is rising because of the US attack on Iran, increasing the price of oil and causing global inflation. What an irony! However, "Over the past few years, central banks have been quietly buying up significant quantities of gold," "led by Russia, China, Turkey, India and Kazakhstan," and now hold "more than 36,000 tonnes." The Conversation. France and Germany transferred their gold back home from the US, while "The Dutch sold about 59 tonnes in New York and then bought more stocks in London," which they stored in the Bank of England. BBC. To reduce dependence on the dollar, "India is likely to pitch seamless cross-border digital payments and greater adoption of central bank digital currencies, or CBDCs, among BRICS members at the summit." India does not favor a BRICS currency to replace the dollar. ET. Recently, "Finance Minister Nirmala Sitharaman urged the Reserve Bank of India (RBI) to further advance its wholesale and retail digital rupee pilots as adoption of tekenisation gains ground in the financial markets." ET. CBDCs are issued by central banks and, "Unlike cryptocurrencies, which are decentralized and volatile, CBDCs aim to provide stability and are government backed." "Privacy is one of the most significant drivers behind cryptocurrency. CBDCs would require an appropriate amount of intrusion by authorities to monitor for financial crimes." "Cryptocurrencies have been the target of hackers and thieves. A central bank-issued digital currency would likely attract the same crowd of thieves." Investopedia. "Hackers thought to be for the North Korean regime have successfully converted at least $300 million of their record-breaking $1.5 billion crypto heist to unrecoverable funds." "Experts say that the infamous hacking team is working nearly 24 hours a day - potentially funnelling the money into the regime's military development." BBC. Will the RBI guarantee a full refund if someone's account is hacked? In April, "The central bank is seeking to rein in rupee volatility through enhanced oversight of foreign-exchange markets and by tightening norms governing banks' participation in the non-deliverable forward (NDF) segment." "Traded mainly in financial centers such as Singapore and London, rupee NDF contacts are settled in dollars between non-resident counterparties, limiting the central bank's ability to directly influence volumes, pricing or positioning." ET. If an Indian company pays for imports with a large amount of rupee CBDC how will the RBI control what the foreign company does with it? Finally, what happens if Iran, a member of BRICS, insists on paying for imports at the official exchange rate of the rial instead of the market rate through its CBDC? While the official rate is 1.375 million Iranian rials to one dollar (Paytm), the market rate is 2.305 million to one dollar (Alanchand). CBDC has no substance. Junk it. Dollars are real. Stick to it.