1/4 𝐈𝐧𝐝𝐢𝐚 𝐦𝐚𝐲 𝐧𝐨𝐭 𝐛𝐞 𝐢𝐧 𝐚 𝐟𝐮𝐥𝐥-𝐛𝐥𝐨𝐰𝐧 𝐜𝐫𝐢𝐬𝐢𝐬 𝐲𝐞𝐭, 𝐛𝐮𝐭 𝐭𝐡𝐞 𝐩𝐫𝐞𝐬𝐬𝐮𝐫𝐞𝐬 𝐚𝐫𝐞 𝐛𝐞𝐠𝐢𝐧𝐧𝐢𝐧𝐠 𝐭𝐨 𝐚𝐥𝐢𝐠𝐧 𝐢𝐧 𝐰𝐚𝐲𝐬 𝐭𝐡𝐚𝐭 𝐚𝐫𝐞 𝐡𝐚𝐫𝐝 𝐭𝐨 𝐢𝐠𝐧𝐨𝐫𝐞.
Rising oil prices, a weakening rupee, imported inflation and supply-side stress are tightening the macro environment, even as policy remains active but largely defensive.