India, Jan. 29 -- In a global economy marked by heightened volatility and fragmentation, it is tempting to judge a country's external strength through the narrow lens of daily currency movements or fluctuations in capital flows. Periods of stable capital inflows and manageable current account deficits (CAD) are often seen as validation of macroeconomic strength, while episodes of currency weakness or volatile portfolio flows quickly revive anxieties. This narrow view, however, obscures deeper structural realities. Chapter 4 of the Economic Survey 2025-26 encourages a longer-term perspective, asserting that external stability is not determined by episodic inflows or short-run currency management, but by the structure of the economy - how g...