Some nervousness, overall stable

While crude prices falling could help to reduce inflation, a delayed monsoon could lead to rising food prices

The global trade war has intensified with China and India imposing retaliatory tariffs on US goods. Russia is threatening similar action and the EU and Canada are also considering it. This is the sort of “Beggar my neighbour” tit-for-tat strategy that led to the Great Depression of 1929-37. Every nation loses out and global trade volumes could decline if this escalates.

Indo-US trade amounted to $126 billion last year. India has imposed retaliatory tariffs on 29 types of US exports. The new duties are expected to raise $240 million to compensate for the higher duties that the US has recently imposed