India’s growth outlook for 2022-23, though lower than projections made before the outbreak of the conflict in Europe which resulted in a sharply higher price for crude oil and other essential commodities, is still comfortably high and confirms the recovery of the economy from the pandemic-induced contraction in 2021-22. The private sector and banking sector balance sheets are healthy and there is an appetite to borrow and to lend respectively. Therefore, barring further adverse shocks to commodity prices, India’s terms of trade, economic growth will consolidate and retain its momentum into 2023- 24.