Tracking the risks to the Indian macro is like monitoring a shifting wall of worries. Late last year, the risks centred on the adverse impact of rising crude oil prices and capital outflows, and the potential fallout from a combination of India-specific factors such as corruption-related scandals, policy paralysis, high inflation, worsening current account (CA) deficit, a spending-heavy fiscal policy and monetary tightening. Some of the outcomes, such as those for the CA deficit, portfolio flows, fiscal consolidation and the rupee’s resilience, have been better than expected although in some cases the initial concerns themselves had been played up. However, others, such as rising crude oil prices and high inflation, remain worrying.

<p><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'><B>Rajeev Malik:</B> Navigating macro pitfalls</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; '>Growth can

Rajeev Malik: Navigating macro pitfalls

Growth cant be ignored even as inflation will be higher for longer despite aggressive tightening

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