New Delhi, March 24 -- The Reserve Bank of India (RBI) in its March 2026 Bulletin has flagged a complex macroeconomic environment marked by rising global uncertainty alongside sustained domestic resilience.

The report notes that geopolitical tensions, particularly the escalating conflict in the Middle East and fresh trade investigations by the United States, have "resulted in increased volatility across the various commodity and financial markets."

Highlighting the current global situation, the RBI points to severe disruptions in energy markets. Supply shocks in crude oil, natural gas and fertilisers have intensified, with the International Energy Agency describing the episode as "the largest supply disruption in the history of the glob...