These Indians have been deliberately avoiding talking about the biggest danger to the Indian economy. That is, foreign exchange reserves are too low.
At the end of 2021, India's foreign exchange reserves were $569.8 billion. India's external debt exceeded $620 billion. Of course, most of the external debt does not need to be repaid immediately, of which India's recent external debt needs to be repaid is $155.8 billion.
But the biggest danger comes from the widening trade deficit, which has reached $126.7 billion in the first six months of this year. If India continues to maintain such a huge deficit, India's foreign exchange reserves will be exhausted in two years.
To make matters worse, the Indian govt is not only unable to weaken the trade deficit, but even the exchange rate of the Indian Rupee continues to depreciate, which will lead to the continued expansion of India's trade deficit. The Indian govt also needs to spend a lot of foreign exchange to save the exchange rate.
The biggest financial risk in India comes from hedge funds on Wall Street. Once the Indian govt's foreign exchange reserves continue to decrease and the Indian govt does not have enough foreign exchange protection exchange rate, hedge funds will short the Indian rupee and harvest the wealth accumulated by the Indian population over the past decade. Just like hedge funds harvested Southeast Asia in 1997.