Economic activities in India picked up in March 2023, particularly supported by solid performance by the private sector. Consumption spending continued its upward trend, albeit with a few gains from the previous month. Industrial output growth was at a 4-month high on the back of stronger than expected manufacturing output; but services sector growth moderated a tad from last month. The trade gap was larger than expected in March owing to weaker exports and ballooning imports. The Indian Rupee strengthened a bit as foreign exchange reserves grew in March. Both retail and wholesale inflation fell more than expected and repo rates were left unchanged.