
Markets
India's Record Forex Reserves Hide a Record Short Dollar Position
Headline reserves are back near their February record. Off that ledger, the RBI's forward dollar book is short a record $106.7 billion, over half of it not due for more than a year.
By The Signal Editorial
August 22, 2026 · 7 min read
The Latest

Geopolitics
Modi's Three Reels Reportedly Reached Almost Double India's Instagram Users
PM Modi told his Cabinet to post more Instagram reels. Three of his own then racked up a reach bigger than every Instagram user in India. The number underneath explains the gap.
August 22, 2026

Business
India's Ultra-Rich Still Won't Touch Illiquid Private Markets
Family offices say 40 to 45 percent of their money now sits in alternatives. Most of that is listed REITs and InvITs bought for their liquidity, not the illiquid private equity and venture capital the number implies.
August 22, 2026

Business
India's Coming El Nino Could Hit Two Harvests, Not Just One
Most El Ninos fade before India's wheat is even sown, so they only cost the country one harvest. The one that hit both in 2015-16 sent food inflation past 6 percent. This one is forecast to be stronger.
August 22, 2026

Business
Delhi Wants London's Congestion Charge Without London's Transit System
Delhi's draft Master Plan 2047 proposes London and New York style congestion pricing zones. Its own transport ministry has said the city's buses cannot absorb the drivers a toll would push off the road.
August 22, 2026

Geopolitics
India Has Five Fighter Jets Ready to Fly and No Engines to Put in Them
Five completed Tejas Mk-1A jets are sitting undelivered for want of an imported engine, the same bottleneck that has run through India's fighter program for over a decade.
August 22, 2026

Business
A Customs Hold in China Pushed a German Machine Maker Into India
India has proposed a $1.2 billion scheme to build tunnel boring machines at home. A German manufacturer already got there first, pushed in not by the promise of a subsidy but by a Chinese customs hold.
August 21, 2026
Business & Markets

Business
India's Ultra-Rich Still Won't Touch Illiquid Private Markets
Family offices say 40 to 45 percent of their money now sits in alternatives. Most of that is listed REITs and InvITs bought for their liquidity, not the illiquid private equity and venture capital the number implies.
August 22, 2026

Business
India's Coming El Nino Could Hit Two Harvests, Not Just One
Most El Ninos fade before India's wheat is even sown, so they only cost the country one harvest. The one that hit both in 2015-16 sent food inflation past 6 percent. This one is forecast to be stronger.
August 22, 2026

Business
Delhi Wants London's Congestion Charge Without London's Transit System
Delhi's draft Master Plan 2047 proposes London and New York style congestion pricing zones. Its own transport ministry has said the city's buses cannot absorb the drivers a toll would push off the road.
August 22, 2026
Technology & Science

Technology
India's SIM Cap Can't Reach Rings That Split Connections Across Many Buyers
A new circular blocks anyone who already holds nine connections from getting a tenth. A ring that spreads its SIMs across many separate buyers, each under the limit, never trips it.
August 21, 2026

Technology
India Regulates What Meta Posts, Not How Meta Is Built
A 29-state trial against Meta rests on product-liability law, not speech law, the same route once used against tobacco companies. India's IT Rules and DPDP Act can order a takedown or fine a data violation, but neither can reach the algorithm itself.
August 19, 2026

Technology
A Law Built for Case-by-Case Review Now Blocks Accounts by the Thousand
Section 69A requires a committee to individually judge each blocking order 'justifiable,' with reasons recorded in writing. In practice, one 2025 order blocked 2,355 accounts inside an hour, and the government has not published an annual count since 2022.
August 18, 2026
Health, Culture & Geopolitics

Health
South Asians Are Almost Absent From the Databases That Calibrate Global Medicine
South Asians are close to a quarter of humanity, but the genomic databases that build disease-risk scores and drug-dosing guidance include almost none of them. The gap already shows up in a heart drug that fails more often and a risk score that reads worse.
August 21, 2026

Health
India Has No National Flu Vaccine Plan, So H1N1 Comes Back Every Year
Delhi's H1N1 cases are up sixfold this year, and an unreported death in Indore has triggered a state probe. Both trace back to a program that has never existed: India offers no subsidized flu vaccine to anyone.
August 21, 2026

Health
Congo's Worst Ebola Outbreak Ever Has No Vaccine Behind It
The Democratic Republic of Congo's Ebola outbreak just became the deadliest ever recorded there. The virus behind it has never had a licensed vaccine, and the fastest candidate in testing is still months from proving it works.
August 17, 2026