As the RBI prepares for its latest policy announcement, the macro backdrop has shifted dramatically from just two months ago. Deepti Deshpande, Principal Economist at CRISIL, highlights that we are now in an "evolving situation" fueled by geopolitical conflict and surging oil prices. While domestic demand remains resilient and fiscal measures have temporarily insulated consumers from high crude costs, the window for growth-supportive liquidity is narrowing. Deshpande predicts the RBI will adopt a "wait and watch" approach, avoiding any hasty stance changes for now. However, the real trigger for a tighter policy will be whether inflation threatens to breach the central bank’s 6% upper comfort limit. Is a shift toward caution inevitable? Watch the full expert breakdown here.