India’s economy sustained its growth momentum driven by expansion across industries and services. Steel and cement production rose in March reflecting the ongoing infrastructure push. 10% uptick in power generation in April translated into strong coal production. E-way bills, a proxy for domestic trade, maintains double-digit growth, even as the growth in ports cargo and toll collection was subdued. The banking system continues to run on a tight leash with credit growth continuing to outpace deposit growth. After record-high foreign portfolio investments in FY2024, FPIs exited Indian market in April while domestic institutional investors stay invested. Although headline retail inflation trended downward, food prices remain elevated. A decadal low wheat stock with the FCI brings focus on procurement in ongoing Kharif season. The US dollar strengthened as the Fed indicates rates may remain higher for (even) longer. The question remains on whether India’s monetary policy will continue to be synchronous?