The RBI maintained its repo rate unchanged, responding to high crude prices and current inflation above 4%. Governor Malhotra prioritizes mitigating geopolitical impact on India's macro-fundamentals. RBI actions, including dollar-rupee swaps, bolster liquidity and forex reserves, now near $700 billion. The MPC's inflation view (food/fuel-confined) may be premature; fuel costs broadly affect sectors. Despite global supply risks, the RBI's decision to prioritize growth, backed by strong domestic fundamentals including exports and investments, and its "data-dependent" policy approach, is considered prudent.