There is no certainty that the RBI would still uphold its ‘evenly balanced’ outlook towards the risks to growth. However, the Finance Ministry, while acknowledging that global uncertainties have compounded, seems largely sanguine for now in its outlook for the economy. Its monthly economic review released on Monday asserts that growth “remains on track”, inflation is easing after a “temporary” seasonal surge in July-August, consumption demand is strengthening and investment demand is “also firming up”. On the “imminent fears” of rising crude oil prices, it noted that July-September quarter prices were still “way lower” than the $109.5 and $97.9 averages in the first and second quarter of 2022-23. The weak foreign trade picture is expected to recover and industrial job creation prospects are high for the next two quarters, while higher demand for housing and vehicle loans reflects bolstered confidence levels in households, it added. India’s macro fundamentals may well hold up through the latest global storm, but the government would do well to drill a little deeper into consumption and hiring trends. The last quarter has seen a sharp slump in small car sales, consumer non-durables producers reporting weak rural demand and IT firms scaling down growth and hiring hopes. There is still much to be done to correct an uneven recovery, which would eventually hamper a broader investment revival.