India's economy shows fragility. Core industries grew 0.5% in May 2026 (1.1% for FY25-26). Domestic oil/gas output contracted, neglecting strategic reserves. Coal production fell, increasing reliance on costly imports. Domestic GST revenues declined, indicating a demand problem from low real wages and high inflation, despite exports. These signals, with a deficient monsoon, highlight the urgent need for hard-hitting reforms; trade deals are insufficient.