RBI’s February 2025 Policy, which was entirely in conformity with our expectations articulated in multiple sections of the print and electronic media, was formulated against the backdrop of the global setting of “divergent and uncertain” growth of 3.3 per cent both in 2025 and 2026 and global headline inflation of 4.2 per cent in 2025 and 3.5 per cent in 2026, the Russia-Ukraine war, and the uncertainty in the Middle East. To be sure, achieving central bank inflation targets is a protracted and multiyear process. There are, however, possibilities for “significant progress” in 2025.