MUMBAI: Notwithstanding the geopolitical crisis created by the ongoing Russia-Ukraine conflict, India is making steady progress as it recovers from the third wave of pandemic though downside risks remain, the Reserve Bank said in an article on Thursday.
Observing that India's macroeconomic fundamentals remain strong, the article in the RBI Bulletin on 'State of the Economy' said, "unfolding global developments nevertheless pose downside risks in terms of spillovers."
