New Delhi, Sept. 23 -- Here is a number that Indian planners, economic administrators and central bankers would do well to remember: $124 billion. It should perhaps be imprinted on all policy documents henceforth.

As the global economy enters a new era of volatility and unpredictability that includes a comprehensive reset of commercial relations and networks, an unprecedented bout of flux has begun to convulse all individual economies.

Multiple wars-both conventional and unconventional-have added another layer of complexity that shows no sign of an early resolution. India, as a key member of the global polity, has also been struck by this tsunami. It threatens to worsen our existing problems of endemic unemployment, slow household incom...