India's external debt appears satisfactory, but a deeper look reveals concerns. The reported increase of $26.3 billion is deceptive, with a $24.6 billion valuation effect making the actual rise closer to $51 billion. The maturity profile is worsening, as short-term debt and residual maturity obligations increase relative to forex reserves. While the RBI's measures aim to boost reserves, attracting "hot money" like FCNR deposits carries risks of premature closures. The author warns that such flows are not a long-term solution, emphasizing that superficial numbers should not obscure the underlying financial vulnerabilities despite India's modest overall exposure.