The CSO's latest estimates of savings and investment in 2003-04 suggest that India no longer faces a constraint on domestic savings. However, there is a need to be careful before coming to such conclusions. A close examination of the estimates suggests that they project an exaggerated scenario of high domestic savings and investment. The numbers are the result of a faulty system of estimation which was to be discarded long ago. The estimates for 2003-04 thus reopen the many misgivings estimation procedures have raised in the past.