The Indian economy maintains steady growth momentum amidst continued global policy uncertainty. Domestic demand strength shows through record-high air travel and road toll collections in April, supported by steady infrastructure activity with cement and steel production maintaining consistent growth. Trade dynamics reveal strategic shifts as India moves toward electronics and pharmaceutical exports throughout the past year, while India-UK trade deal signals broader commitment to trade openness. Monetary conditions turn supportive as banks transmit policy easing through lower lending rates, with markets anticipating another 50bps cut this year. This aligns with retail inflation reaching a six-year low below RBI’s 4% target in April, while credit growth moderates to three-year lows. On the external front, dollar weakness supports short-term rupee strength while oil prices hit four-year lows.