Indian economy is showing signs of fatigue given high inflation, Russia Ukraine war and rising crude prices. While Russia Ukraine war will increase inflation, there could be silver lining for rural India given 1) Rs500-600bn additional profits from rabi crop in Wheat, Mustard etc. and 2) likely gains of Rs1000-1500bn for dairy farming sector. We believe bottom end of the pyramid has been protected from inflation significantly by PM Garib Kalyan Yojana (Free Rice/wheat/pulses/ edible oil etc.) will protect downside. Normal monsoon and weak 4 th covid wave will increase consumer confidence and boost rural demand....