New Delhi, Feb. 1 -- A lot has been said and written about India's economic resilience, with the assertions focusing largely on a rising real GDP growth rate and dropping consumer inflation rate.

These headline trends, however, mask a couple of fragilities that could undermine the current illusion of stability. The first is sub-optimal nominal growth, which has printed below target. But, more importantly, widening fault-lines in household savings, including in the broader universe of gross savings in the economy, are a serious source of concern.

It is, therefore, both puzzling and distressing that finance minister Nirmala Sitharaman did not use the Union budget platform to address this growing structural deficit in the economy.

Savings...