The RBI's monetary policy committee unanimously kept rates unchanged with a neutral stance. Inflation, primarily driven by food and fuel, left core inflation subdued. The RBI projects inflation will peak in Q3 then decline, yet monsoon, El Nino, and global oil price uncertainties persist. Economic growth appears quite robust, leading to a marginally upped forecast. Mirroring global caution, the RBI will continue a "wait and watch" approach. Future policy hinges on clearer inflation trajectory, despite risks of broader price pressures.