Yes, it is mainly oil but the shock is slightly different because the Middle East region is impacted by the conflict and India is quite integrated with the region.

Our commodities team is forecasting with a baseline assumption of 21 days closure of the Strait of Hormuz at around ten percent of capacity flowing through, and thereafter gradual reopening over a month or so which takes the oil numbers towards 85 in April and thereafter lower into the 70s by the end of the year.

If the assumption is that oil prices are either higher or the fiscal support is not as much as what we are anticipating, we think there will be a bigger edge to growth.

The RBI stays on hold and keeps liquidity adequate enough for the overnight rates to hug the policy rate.

The INR remains under pressure in our view given the fact that your current account deficit is widening. We think this will be a consecutive year of balance of payment deficit.