India, June 3 -- India's economy may still be growing. Its markets may still have domestic believers. But the deeper question over the next few years is not whether India grows. It is whether that growth preserves purchasing power, confidence and opportunity.

The present moment is not merely about the stock market. It is about the rupee. A falling index is visible. A weakening currency is quieter. But its effect is deeper. It changes the value of salaries, savings, overseas education, business costs, imported technology, travel, fuel, machinery, software and investment returns.

For ordinary Indians, currency weakness is not an abstract macroeconomic event. It affects a child's education abroad, the cost of imported inputs for a business...