Despite a receding third wave of COVID, India’s economic recovery was below expectation in March 2022, the last month of the Indian fiscal year (IFY) 2021-22. Economic activities in March slowed down a bit due to mounting international fuel prices and supply disruptions related to the Russia-Ukraine war; however, growth was visible in certain pockets. Overall, there were mixed trends — demand patterns and services activities seem to be picking up with the removal of pandemic-related restrictions, but the swelling retail inflation remained the biggest spoilsport. Managing the challenge of inflation caused by rising oil prices while maintaining growth in the economy will be the Reserve Bank of India’s (RBI) priority in coming months. Due to the global geopolitical dynamics, the Indian economy continues to be daunted by uncertainties.