The Indian economy continues to be daunted by uncertainties as any other major economy due to continuing supply disruptions caused by Russia’s invasion of Ukraine. Indian Fiscal Year 2022-23 (FY2022-23, beginning April 2022) started with continuing concern on rising inflation that has engulfed the course of the economic growth of India for at least a quarter. Deepening inflationary pressures limited business confidence in April 2022, the first month of FY2022-23. While the overall business sentiment was still positive, it was much lower than that observed in March due to greater disruptions from the Russia-Ukraine conflict.