The author is very stupid. India's foreign exchange reserves are other people's money invested in India in the stock market, real estate and in deposits. The depositors can take these away if and when they would feel like. If India spends this money in future India would go bankrupt, as it would not be fulfil its obligation to the foreign investors. That would give a chance for US to buy up whatever is left after the great sellout in 1991 by Manmohan Singh. For the same reason China also cannot spend this money, but invested in US treasury bonds and in effect paying for the US government. India is doing the same. How US gets this dollar. It just print its own Dollar and buy anything it wants for free from the rest of the world. It puts some in India and India has give those back to the US treasury in exchange for Bonds. In the process US citizens gets dividends, interest payments and gains from the stock market in India for doing nothing. India gets ruined, as it needs to devalue Rupee continuously otherwise it cannot export. as a result import costs will go up. The only people who gain from this game are the US government and the US people investing in India. That is the reason they have forced India to open up its economy. Yes, it creates higher growth rate. But remember Thailand in 1997. In 1998 it went bankrupt.
