The approval of the PM POSHAN scheme by the Cabinet Committee on Economic Affairs until 2025-26 comes at a critical time when real income declines and the economic impact of the COVID-19 pandemic have affected the ability of families to ensure good nutrition. The findings in Phase I of the NFHS-5 for 22 States and Union Territories in December 2020 were shocking: childhood stunting rose in 13 States, there was high prevalence of anaemia among children and women, and wasting was a serious concern in 12 States. The slippage over the previous survey period exposes the worsening scourge of malnutrition, threatening to deprive millions of children of a fully productive adult life. It will take a serious effort to address this hidden crisis, backed by strong budgetary commitment. The centrally supported hot meal programme in Government and Government-aided schools, covering 11.8 crore children, will be supplemented with nutritional elements in identified aspirational districts and areas with high anaemia. The Government must demonstrate that Saksham Anganwadi-Mission POSHAN 2.0, which amalgamates the POSHAN Abhiyan and schemes covering anganwadis, crèches and adolescent girls, is fiscally stronger than its erstwhile component parts. There must be a meaningful increase in the current Budget estimate over the combined past outlay for the subsumed individual schemes. On nutritional planning, the renewed plan should introduce a greater diversity of diets that compensates for micronutrient and protein deficiency. Strong supplementation of nutrition at school, in the community, and at childcare centres is critical at a time when criticism of food inflation has met with a tone-deaf response, and pandemic-induced income declines have depressed essential consumption.