A wealth fund with dedicated funds from forex reserves would add muscle to India's race for energy supplies around the world. Awakening from a deep slumber, policymakers have begun to recognise the immense possibilities that burgeoning foreign exchange reserves offer a country facing a host of scarcities. By the latest reckoning, India's reserves stood at $290 billion with foreign currency assets at $281 billion. The Reserve Bank of India has been managing the flow rather efficiently so far, but expensively too, and the forthcoming Budget should give us a fair idea of what it costs the exch equer (meaning, the taxpayer) to simply maintain domestic liquidity at desirable levels. Both North Block and Mint Street view the currency inflows with double-edged dread