After the frontloading of policy actions in June, it was unlikely that the RBI would alter the policy rate or guidance in the August review. In an uncertain external environment, marked by trade and tariff disruptions that are likely to keep external demand subdued, the onus of sustaining growth largely rests on domestic policy measures and the evolution of domestic demand drivers. In this context, we continue to expect the RBI to calibrate incremental actions based on the evolving domestic growth outlook.