Amidst the softening third wave of COVID, India’s business activity growth accelerated in February 2022, mainly due to the increased demand, a relatively higher output and impressive export sales; however, the monthly retail inflation surpassed the target ceiling of 6% for the second month in a row since June 2021. The prevailing hike in oil prices due to the Russia-Ukraine conflict has overwhelmed the Reserve Bank of India (RBI) for managing inflation under the target ceiling. While the third COVID wave has now receded, India, like other oil-importing countries, faces economic challenges caused by the Russia-Ukraine crisis.