The Report discusses the improvements in the growth dynamic in May’25 owing to respite in tariffs coupled with trade deals being signed. It hazards that given these developments, the outlook for global trade and output growth may not be as sullen as before. Despite this, significant dark clouds remain on the horizon. The same could also impact India, which will have to ensure ample domestic heavy lifting to compensate. The Report also offers viewpoints on the future of industrial growth and private capex. Commenting on the blockbuster RBI policy, it decodes the implications of an accelerated cut cycle on banks and the economy in general.